Head of U.S. Small Business Administration, Karen Mills said that she is planning to start a “microlending” program for small business owners in Jacksonville. The program will enable business owners to find loans up-to $50,000 in Jacksonville valley.
Karen Mills, recently happened to visit Jacksonville to attend the inaugural Business Builder Summit organized by Mayor Alvin Brown. The summit is organized with the aim to help small businesses grow and hire more workers. The average micro-loan granted to small businesses is $13,000. It is true that this is much less than other Small Business Administration loans that can extend up-to $5 million maximum. But, then, this micro-loan can fill in a niche.
Small Business Administration teamed with 178 nonprofit organizations nationwide and is planning to offer micro-loans. In Florida itself, there are several lenders, but none is located specifically in Northeast Florida. Mills expressed her concern for small business owners and said that their biggest need is to find access to smaller loans.
Providing loans to small business owners in Jacksonville has not been easy. Wilfredo Gonzales says that it remained tough for a business to find loans as it had to meet the requirement of two years experience and also two years of counseling businesses. Mills arrival to Jacksonville will help to unleash micro-loan program for Jacksonville.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com