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 federal Project Grant award SBAHQ24Y0087, provided by the U.S. Small Business Administration's (SBA) Microloan Program (CFDA 59.046), will be used to assist women, low-income, and minority entrepreneurs, business owners, and other individuals with the capability to operate successful business concerns. The $709,225 grant, awarded on July 1, 2024, will be provided to the non-profit organization Ecdc Enterprise Development Group to deliver microloans up to $50,000 and technical assistance to start-up, newly established, and growing small businesses in areas suffering from a lack of credit access due to economic downturns. The funding will enable Ecdc Enterprise Development Group to provide working capital, inventory, supplies, furniture, fixtures, machinery, and equipment to these small business concerns, with the goal of fostering entrepreneurship and economic development in underserved communities.

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