Bank of America has granted $37,500 to Flagship Enterprise Center, which will help to increase funding to local businesses. The grant will be used to make small business loans available to entrepreneurs of US-based businesses.
This fund can also be used by Flagship Enterprise Center as loan loss reserve fund. The center is now in a position to make $250,000 microloans available in the course of next 12 months. It is only because of the grant from Bank of America that the Flagship Enterprise Center is in a position to make SBA loans of $250,000 available to small business owners. Had the support not been there, then it would have taken more 24 to 36 months to deploy the $250,000 microloans grant.
Now, large volume of microloans has been made available to entrepreneurs in Madison, Delaware, and Hamilton counties. The Center is doing a noble job by making microloans available for business expansion and to revitalize the economy. There are also more such lenders that are involved in this noble cause to extend lines of credit for small business owners. Traditional banks do not lend much and so lenders like Biz2Credit and Flagship Enterprise have come forward to help entrepreneurs find more grants.
Such initiatives taken by Bank of America help to strengthen small businesses and so start-up companies can stimulate job creation that is critical to economic recovery of the nation. It leads to ripple effects, impacts job growth, and overall economic expansion. Small loans from lenders can really help businesses grow in size.
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 firstname.lastname@example.org.