PROGRESS FUND, THE
Grant: $2,000,000 - Community Development Financial Institutions - Jul. 20, 2009
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Award Description: Founded in 1997, The Progress Fund (TPF) is a vigorous non-profit corporation that creates economic opportunity by lending needed capital and providing entrepreneurial coaching to underserved small businesses in Appalachia (39 rural counties in Pennsylvania, West Virginia, and 22 Appalachian Counties of Ohio). TPF?s goal is to find and fund projects that create jobs in its rural market area. It is an innovative lender in that it customizes its products for clients rather than trying to fit the clients into existing programs. When clients come to TPF, they are not presented with a laundry list of products but rather engage in discussions about his/her business plan and how they can tailor a product to assist them. TPF provides financial products and services that include start-up loans, expansion loans, bridge loans, and off-balance-sheet lending, including loan origination for state programs. Loans may be used for any combination of: purchase of a property for use in a business enterprise, restoration and rehabilitation work and associated new construction, purchase of equipment, furnishings and inventory, purchase of the business assets of an existing business, expansion of an established business, and permanent working capital.
Project Description: The effective date of the contract was July 20, 2009 and we received the $2M on July 23, 2009. Work began to disburse the money as small business loans by the end of the short quarter. The Progress Fund has made three loans within its defined target market. These three loans also helped to retain nine jobs and created one new job.
Jobs Summary: Varied service positions in restaurants and accomodations businesses. (Total jobs reported: 10)
Project Status: Less Than 50% Completed
This award's data was last updated on Jul. 20, 2009. Help expand these official descriptions using the wiki below.
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