Amid Downturn, Small Business Financing Survives
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The financial crisis has put the spotlight on Wall Street and some of the nation's biggest companies, yet many entrepreneurs and small firms are also looking for the capital to secure their futures. Fortunately, despite the downturn there are still a number of options available.
One way small businesses can secure backing is through Community Development Financial Institutions (CDFIs), which exist to boost the economic growth in low-wealth or "distressed communities".
According to the Washington Post, in 2006 CDFIs lent $105 million to firms with five employees or less.
Mark Pinsky, the president and CEO of CDFI group the Opportunity Finance Network, told the publication that these organizations actively seek to build relationships and do not use some "algorithmic formula" to determine an applicant's suitability for a loan.
"We also provide technical assistance to help explain why we think a business might work or might not."
Mr Pinsky added that entrepreneurs interested in establishing a relationship with their local CDFI can start by visiting the US Treasury Department's CDFI searchable award database.
According to the Small Business Administration, entrepreneurial and small firms are essential to the diversity and job creating capacity of the US economy. Over the last decade, companies with fewer than 500 employees are estimated to have created between 60% and 80% of new jobs.
Just go to the website: Do your research family.
http://www.cdfifund.gov/what_we_do/need_a_loan.asp
Start working from home with one of these exciting opportunities
Search our Franchise Directory to request free, no obligation information from hundred of opportunities
The financial crisis has put the spotlight on Wall Street and some of the nation's biggest companies, yet many entrepreneurs and small firms are also looking for the capital to secure their futures. Fortunately, despite the downturn there are still a number of options available.
One way small businesses can secure backing is through Community Development Financial Institutions (CDFIs), which exist to boost the economic growth in low-wealth or "distressed communities".
According to the Washington Post, in 2006 CDFIs lent $105 million to firms with five employees or less.
Mark Pinsky, the president and CEO of CDFI group the Opportunity Finance Network, told the publication that these organizations actively seek to build relationships and do not use some "algorithmic formula" to determine an applicant's suitability for a loan.
"We also provide technical assistance to help explain why we think a business might work or might not."
Mr Pinsky added that entrepreneurs interested in establishing a relationship with their local CDFI can start by visiting the US Treasury Department's CDFI searchable award database.
According to the Small Business Administration, entrepreneurial and small firms are essential to the diversity and job creating capacity of the US economy. Over the last decade, companies with fewer than 500 employees are estimated to have created between 60% and 80% of new jobs.
Just go to the website: Do your research family.
http://www.cdfifund.gov/what_we_do/need_a_loan.asp
