To assist women, low-income, and minority entrepreneurs, business owners, and other individuals possessing the capability to operate successful business concerns and to assist small business…

The Small Business Administration (SBA) awarded a $721,832 Microloan Program (CFDA 59.046) grant to Community Ventures Corporation, Inc., a Kentucky-based non-profit organization and certified Community Development Financial Institution (CDFI). This grant will enable Community Ventures to provide microloans up to $50,000 and technical assistance to women, minority, and low-income entrepreneurs, as well as small businesses in economically disadvantaged areas suffering from a lack of credit access. The funding will support Community Ventures' efforts to promote economic development and financial inclusion by increasing access to capital and business services for underserved populations across Kentucky and surrounding states. As a sub-grantee, Community Ventures will leverage this SBA grant to deliver a range of services aligned with the Microloan Program's objectives, including business lending, entrepreneurial training, and community revitalization initiatives.

To assist women, low-income, and minority entrepreneurs, business owners, and other individuals possessing the capability to operate successful business concerns and to assist small business concerns in those areas suffering from a lack of credit due to economic downturns. Under the program, the small business administration (SBA) will make loans or provide guaranties to private, non-profit, and quasi-governmental organizations (intermediary lenders) that will use the loan funds to make short-term, fixed interest rate microloans in amounts up to $50,000 to start-up, newly established, and growing small business concerns. These microloans are to be used exclusively for working capital, inventory, supplies, furniture, fixtures, machinery, and/or equipment. In addition, the SBA will make grants to participating intermediary lenders to provide marketing, management, and technical assistance to prospective borrowers and borrowers receiving microloans. Under the program, SBA will also provide training for intermedi