Grant: $500,000 - Community Development Financial Institutions - Jun. 29, 2009
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Award Description: This award will be used for loan loss reserves for microenterprise loans. It will cover at least 20 microenterprise loans of up to $25,000. These loans are made to new and existing small business owners that are NOT able to access traditional sources of funding. We expect at least 30 jobs to be created and/or retained.
Project Description: The purpose of the award is to allow the UMLF to make microenterprise loans to new and existing business owners who would otherwise not be able to access traditional sources of funding. Loans are made with funds from private investors and some local government. The CDFI award serves as the loan loss reserve, which allows us to leverage more private money for the loans themselves. With the receipt of this award, we plan to not only make more loans, but secure additional loan pool funds from private sources. It will support at least 20 loans of up to $25,000, but we expect to do many more loans than that.
Jobs Summary: Most of the 59 jobs created for this period of time were in the educational area - some as instructors for ESL classes as well as college test preparation. Thirteen jobs were created in the commercial janitorial sector, three being in management. Thirteen jobs were also created in the retail industry ranging from cell phones, to gift items to home appliances (includes 3 in management). One job is in the professional health field supported by three jobs in administration. Three jobs in traditional food establishments with two of those being management. Thirty six of the 52 retained jobs were for childcare providers located in three different childcare centers. (Total jobs reported: 111)
Project Status: Less Than 50% Completed
This award's data was last updated on Jun. 29, 2009. Help expand these official descriptions using the wiki below.