Community lenders are offering loans to small business owners and start-up ventures. We all know it is difficult to get financing in this economic climate. These lenders may offer business owners a chance to obtain credit.
The Wall Street Journal’s Emily Maltby reported that, “Small banks, credit unions, nonprofit groups and others are seeking to join the 859 lenders that have been designated by the government as Community Development Financial Institutions.
“To qualify for that status, they must have a mission to promote community development and direct at least 60% of their loans to low-income communities or individuals, leaving them room to pursue other types of business.”
To read the full article go to: Community Lenders Can Offer Start-Ups Lift