HOPE approved as first Community Advantage lender
by MBJ Staff
Published: December 8,2011
JACKSON — The U.S. Small Business Administration (SBA) has approved Hope Enterprise Corporation (HOPE) as its first lender in the Community Advantage Loan program in Mississippi.
HOPE CEO Bill Bynum said, “For small, rural and minority entrepreneurs, financing can be the most elusive resource. With the Community Advantage program, we can help even more companies stabilize, grow and contribute to rebuilding the economy.”
The Community Advantage pilot program, announced in December 2010, is designed to expand access to lower-dollar loans and lending in traditionally underserved communities.
Community Advantage offers a streamlined application process for SBA-guaranteed 7(a) loans up to $250,000. Advantage loans also come with the regular 7(a) government guarantee, 85 percent for loans up to $150,000 and 75 percent for those greater than $150,000.
It is specifically aimed at expanding points of access to capital for small business owners by opening SBA’s 7(a) loan program to community-based, mission-focused financial institutions, including community development financial institutions, SBA’s certified development companies and SBA’s nonprofit microlending intermediaries.
Read more about the Community Advantage program at www.sba.gov/advantage.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “HOPE approved as first Community Advantage lender”
FOLLOW THE MBJ ON TWITTERMy Tweets
Twang & Tourism: The Country Music Trail
Top Posts & Pages
- Brandon man hauls in record 756-pound alligator
- Officials set hunting dates for birds; expands dove season by 20 days
- McDaniel delays decision on whether to appeal dismissal of lawsuit
- FLIPPING OUT — Flipping houses is popular in much of the country, but in Mississippi ...
- Is cotton looking too good? Farmers facing weaker prices
- More than a dozen school districts sue state over funding
- REVVING UP — Motorcars of Jackson is preparing to open its first-ever showroom on I-55
- Woman found guilty of murder in buttocks injection case
- Bryant issues executive order to establish Delta water task force