New $500k Microloan Program for Small Businesses
A new half-million dollar microloan program is seeking small businesses and entrepreneurs in the region. Marta Elliot, Purchase Area Development District Business Lending Director, and Chris Wooldridge, District Director of Murray State's Small Business Development Center, have partnered to bring awareness of this new loan available from the Small Business Administration and speak about it with Kate on Sounds Good.
"This particular loan may be really aiding that business in improving, maybe, its ratios, or its profitability or its cash flow. So we work with that client and with Marta to kind of work together in making sure that whatever we both do in helping that client get that loan, that it works for that client; that we're not putting that client in a worse situation. This actually is a business model that works."
Elliott and Wooldridge stop by the station to talk to Kate about their microloan program for small businesses in the area. The program take small businesses who are, for whatever reason, experiencing financial strain and helps fund the business when a bank will not. For example, if a bank sees a business as 'risky' (i.e. restaurants and hotels), this new loan by the Small Business Administration would be perfect for that business.