SBA Awards Funds for Local Micro-Loan Program
By Mark Scott
Buffalo, NY – The U.S. Small Business Administration is working with two local economic development agencies to provide financing to small businesses in this area.
The SBA is bringing its micro-loan program to the Buffalo area. The so-called micro-loans are provided to start-up, newly established and growing small businesses.
Monday morning, the local SBA office loaned the Erie County Industrial Development Agency and Buffalo Economic Renaissance Corporation $250,000 to establish a micro-loan fund. The SBA will also provide another $62,500 in outright grants to each agency for them to provide business training and technical assistance to the micro-borrowers.
Eligible small businesses will be able to apply to the two agencies for micro-loans up to $35,000. The SBA says the average award is in the $10,000 range.
Erie County Executive Joel Giambra and Mayor Anthony Masiello accepted the checks from the SBA at a ceremony marking the start of the micro-loan program.