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Everyone into the (Micro-Loan) Pool!
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Business New Haven
6/18/2001
By: BNH
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HARTFORD - This spring, the Community Economic Development Fund (CEDF) entered into an agreement with the U.S. Small Business Administration (SBA) that established a $500,000 micro-loan pool to underwrite loans of less than $35,000. The funds can be used for almost any legal purpose such as working capital, inventory, machinery and equipment. The loans can be either term loans or lines of credit to meet the fluctuating needs of businesses. The new program is designed to be "creative" and "flexible," so there is a simplified application form and flexible approval criteria.
Acknowledging that $35,000 may not be enough for all small business' needs, CEDF and SBA have modified the micro-loan program to permit borrowers to use this product in conjunction with loans from other sources up to a total of $105,000. In this way CEDF can work with traditional or non-traditional lenders to meet the long-term needs of small-business owners.
To learn more about the new program contact Clay Williams, senior lending officer at 860-249-3800 ext. 309 or 1-800-656-4613, or Preston Maynard, community development officer at 203-782-4377.
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