More

U.S. Small Businesses Turn To Microlenders For Funding

First Posted: 05/08/10 06:12 AM ET Updated: 05/25/11 04:45 PM ET

Inspiring
 Greedy
 Typical
 Scary
 Outrageous
 Amazing
 Innovative
 Infuriating
Microlending Small Businesses
U.S. Small Businesses Turn To Microlenders For Funding

washingtonpost.com:

When Ryan Fochler couldn't get a bank loan to start his dog-walking business, Ylan Q. Mui writes, he tried a less conventional source for start-up funding:

"To help plug the gap, Fochler turned to the Latino Economic Development Corp.'s nascent microlending program, part of a growing network of financial institutions that specialize in small loans to mom-and-pop operations that are often below banks' radar. The average size of the LEDC's loans is $10,000 at a 10 percent interest rate, said Lending Director Rob Vickers. Many banks will not consider loans less than $200,000, he said."

Read the whole story: washingtonpost.com

FOLLOW HUFFPOST BUSINESS
Subscribe to the HuffPost Money newsletter!
When Ryan Fochler couldn't get a bank loan to start his dog-walking business, Ylan Q. Mui writes, he tried a less conventional source for start-up funding: "To help plug the gap, Fochler turned to th...
When Ryan Fochler couldn't get a bank loan to start his dog-walking business, Ylan Q. Mui writes, he tried a less conventional source for start-up funding: "To help plug the gap, Fochler turned to th...
Related News On Huffington Post:
 

Read more from Huffington Post bloggers:
Bob Harris

Bob Harris: A Near-Zero-Cost Approach to Do-Gooding: My 375th Kiva Loan

Metaphorically, micro lending is not giving someone a fish, and it's not teaching someone to fish; it's helping a fisherman patch a hole in his rowboat so he can get on with life.
Dave Adams

Dave Adams: Move Your Money: Make the Switch and Invest in America

Tea Party Movement step aside. When it comes to personal finance, people are angry but they can take matters into their own hands by voting with their feet and by switching to a credit union.
Stacy Mitchell

Stacy Mitchell: The Only Way to Restore the Flow of Credit to Small Businesses

Big banks have constricted lending, making small banks the key to restoring the flow of credit. But their capacity to do so during a recession hinges on whether the Senate reauthorizes a key loan-guarantee program.

Filed by Grace Kiser  | 

More in Business...


 
 
  • Comments
  • 2
  • Pending Comments
  • 0
  • View FAQ
Comments are closed for this entry
View All
Recency  | 
Popularity
andycan
220 Fans
03:50 PM on 03/09/2010
Wonderful: the US and Bangladesh now have microlending in common.
All thanks to the globalizing attitude which caused the market drop, of which Blankfein is the typical exponenet.
Permalink  |
lightningbolt
1750 Fans
11:25 AM on 03/08/2010
Everyone should start using microlenders more often. We need to boycott the big banks.
Permalink  |