INCREASE CDC to distribute $50,000 in loans to Columbus, Ohio's suburban small businesses

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 12, 2009 -- (October 7, 2009, Columbus, Ohio) INCREASE Community Development Corporation, a Columbus-based nonprofit organization, has received $50,000 in stimulus funding from the Franklin County Board of Commissioners. The funds are to be distributed to small businesses located outside the city of Columbus, but inside Franklin County.

INCREASE has provided micro-loans to small businesses within Columbus, Ohio’s city limits since 1999. The funding obtained this month will help the nonprofit to further expand its current economic development and microenterprise development operations.

Executive director Bill Carter says that the funding will be ready for distribution to the public by Monday, October 26, 2009. Interested parties should apply as early as possible as loans will be granted on a first-come-first-served basis. The suburban loan program will cease when funding is exhausted.

In order to qualify, applicants must:
-- Have a qualifying business plan.
-- Have a business that operates outside Columbus city limits, but inside Franklin County.

-- Meet the organization’s prescribed underwriting criteria, including satisfactory credit history. (Applicants with unsatisfactory credit histories may be approved with a qualifying cosignor).
-- Sign a promissory note with INCREASE CDC stating that they agree to pay back the funding within a mutually determined time frame.

Applicants who need assistance with developing a formal business plan should contact INCREASE to obtain information on the nonprofit’s training programs. The organization also funds a matched savings plan under a separate program for applicants interested in launching new businesses or returning to college.

For more information about INCREASE Community Development Corporation’s micro-loan program, please contact program manager Christopher Babbs at (614) 476-1758. A full roster of INCREASE’s programs can be viewed online at www.increasecdc.org.

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