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 $598,791 Project Grant under the Microloan Program (CFDA 59.046) to Accompany Capital Inc., doing business as Business Center For New Americans, a non-profit Community Development Corporation. The grant will fund the organization's provision of microloans up to $50,000 and accompanying technical assistance to start-up, newly established, and growing small business concerns, particularly those owned by women, minorities, and low-income individuals in underserved communities. The funding will enable Accompany Capital Inc. to deliver critical services including working capital, inventory, and equipment financing, as well as business development training and specialized financial programs like Individual Development Accounts (IDAs) for refugees. This award demonstrates the SBA's continued commitment to fostering entrepreneurship and economic development in areas lacking traditional credit access through the Microloan Program.

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