Well…well…well…long time, no see. 🙂
These past few months had been difficult for me, but thankfully God’s grace has allowed me to overcome the unforeseen challenges I experienced.
I hope you all have been well, positive, prosperous, and healthy. Now, let’s get back to business!
I have had a few friends recently inform me that they are interested in joining the entrepreneurship journey and launching their own companies. However, they are finding it difficult to receive funding from traditional lenders such as banking institutions. The problem is banks usually are more inclined to lend to small business owners that have been in operation for at least three years. If you just launched your company you do not have three years under your belt. That’s where micro-lenders come into play for business owners faced with the challenge of receiving start-up capital.
Microlending is a form of financing that provides small amounts of money to those with a financial need. Microloans are provided by peer-to-peer financing, the government or nonprofit programs. Typically, these loans are used by Entrepreneurs with a business idea or those who need extra funding to expand their business. Attached are a few micro-lenders you can contact to inquire about small loans for your business.
Under the U.S. Department of the Treasury, the Community Development Financial Institutions Fund’s (the CDFI Fund) mission is to expand economic opportunity for underserved people and communities in America by supporting the growth and capacity of a national network of community development lenders, investors, and financial service providers. Through its Community Development Financial Institutions Program, the CDFI Fund directly invests in supporting and training CDFIs that provide loans, investments, financial services and technical assistance to underserved populations and communities. Since its creation in 1994, the CDFI Fund has awarded over $2 billion to community development organizations and financial institutions.
To find out which organizations in your state or U.S. territory that have received awards from the CDFI Fund’s various award programs, including the Bank Enterprise Award, Capital Magnet Fund, CDFI Bond Guarantee Program, CDFI Program, FEC Pilot Program, Native Initiatives, and New Markets Tax Credit Program, use the CDFI Fund’s Searchable Award Database below:
Contact these organizations to find out how they can possibly assist with your small business needs.
La Shawn, Small Business Warrior