$1M headed for southern small businesses
The Biddeford-Saco Area Economic Development Corp. has been chosen to participate in a U.S. Small Business Administration pilot program to boost loans to small businesses.
The group is one of 20 community lending organizations in the country to receive up to $1 million from the SBA to loan to small businesses, according to the Portland Press Herald. The Intermediary Lending Pilot Program will boost the Biddeford-Saco Area Economic Development Corp.'s lending capacity, which is currently $5.2 million a year, doled out through five revolving loan programs. The $1 million will be given to businesses in loans of up to $200,000.
Marie Johns, the SBA's deputy administrator, said the pilot program targets underserved markets. "Partnering with community lenders will increase points of access to capital for startups and businesses that have been disproportionately affected by the recession."
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