FOR IMMEDIATE RELEASE
October 7, 2009
INCREASE receives $50,000 in stimulus funding to distribute as micro-loans to small businesses
(October 7, 2009, Columbus, Ohio) INCREASE Community Development Corporation, a Columbus-based nonprofit organization, has received $50,000 in stimulus funding from the Franklin County Board of Commissioners. The funds are to be distributed to small businesses located outside the city of Columbus, but inside Franklin County.
INCREASE has provided micro-loans to small businesses within Columbus, Ohio’s city limits since 1999. The funding obtained this month will help the nonprofit to further expand its current economic development and microenterprise development operations.
Executive director Bill Carter says that the funding will be ready for distribution to the public by Monday, October 26, 2009. Interested parties should apply as early as possible as loans will be granted on a first-come-first-served basis. The suburban loan program will cease when funding is exhausted.
In order to qualify, applicants must:
-- Have a qualifying business plan.
-- Have a business that operates outside Columbus city limits, but inside Franklin County.
-- Meet the organization’s prescribed underwriting criteria, including satisfactory credit history. (Applicants with unsatisfactory credit histories may be approved with a qualifying cosignor).
-- Sign a promissory note with INCREASE CDC stating that they agree to pay back the funding within a mutually determined time frame.
Applicants who need assistance with developing a formal business plan should contact INCREASE to obtain information on the nonprofit’s training programs. The organization also funds a matched savings plan under a separate program for applicants interested in launching new businesses or returning to college.
For more information about INCREASE Community Development Corporation’s micro-loan program, please contact program manager Christopher Babbs at (614) 476-1758. A full roster of INCREASE’s programs can be viewed online at www.increasecdc.org.
INCREASE Community Development Corporation
3146 Agler RoadColumbus, Ohio 43219
Phone: (614) 476-1758
Fax: (614) 476-3645
cbabbs@increasecdc.org
http://www.increasecdc.org/
INCREASE Community Development Corp. (INCREASE CDC) is a nonprofit organization dedicated to improving the quality of life in Central Ohio through Education, Entrepreneurship, and Economic Development. Since 1999, INCREASE CDC has trained hundreds of aspiring entrepreneurs on business planning and financial literacy and started or expanded over 80 businesses throughout Central Ohio. INCREASE CDC is funded by the Ohio Department of Development, Ohio CDC association, Franklin County Department of Economic Development, and most Central Ohio banking institutions.
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