Micro-Lending Program Starting For Small Businesses
SPRINGFIELD – Mayor Jim Langfelder stated today that the City of Springfield’s Office of Planning and Economic Development will house a $1.7 million micro-lending program for small businesses.
The fund will be called the Springfield Area Microloan Fund. It will be facilitated by Justine Petersen, which is an organization focused on advancements in community lending for low and moderate-income individuals.
The program’s initial $1.7 million start-up capital was created in partnership with local financial institutions including Bank of Springfield; Carrollton Bank; Hickory Point Bank; INB; Marine Bank; PNC; Security Bank and Town and Country Bank.
“This access to financial capital would not be possible without our bank partners. We greatly appreciate their contribution in ensuring this program’s success and the vibrancy of our small business community,” Mayor Langfelder says.
The City of Springfield’s Office of Economic Development will also be contributing a $25,000 Community Service Grant to cover administrative expenses. The Municipal Center East will provide office space for the program.
Director of Planning and Economic Development for Springfield Karen Davis thinks the program will help fuel businesses that create viable jobs for families and jump-start economic development.
“This partnership with the City, local financial institutions and Justine Petersen is a great example of how collaboration and public/private partnerships are key in moving Springfield forward,” Davis explains.
More information about the City’s Planning and Economic Development office is available here.