BUSINESS
05/08/2010 05:12 am ET | Updated May 25, 2011

U.S. Small Businesses Turn To Microlenders For Funding

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 more on washingtonpost.com