Non-Profits Get SBA Nod to Offer Business Loans

January 3, 2011  |  

(Crain’s) — In an effort to reach “underserved” startups, the U.S. Small Business Administration soon will allow community groups and other non-profit lenders to make federally guaranteed business loans.  The pilot program, expected to begin by mid-March, could take off fast in Chicago since several non-profit groups already are trying to help small firms get financing.  “It’s potentially huge for Chicago,” says Trinita Logue, president of Illinois Facilities Fund. The Chicago-based lender to other non-profits hopes to start making loans to for-profit city grocery stores in low-income areas, and the guarantees would help, she adds. “This SBA program is incredible; it’s really fabulous.”
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