Purchase Area Development District Receives $500K in SBA Microloan Funding
The Purchase Area Development District has received $500,000 from the U.S. Small Business Administration to assist new or expanding businesses in seeking an SBA microloan.
Business lending director Marta Elliott said PADD applied for the funding last year.
“Businesses are struggling right now and this loan fund can be used for working capital, which is really hard to come by for business owners right now,” Elliott said. “It can be used for working capital, equipment and inventory. Basically whatever they need, just to even survive.”
Elliott said the maximum loan amount is $50,000, but most average $12,000.
Projects financed under the SBA microloan program must have fewer than 50 employees and less than $1 million in annual gross revenues. Land and building projects are not eligible for the program.