CAP Services Inc. was recently awarded $250,000 from the U.S. Small Business Administration (SBA) to relend under the SBA’s Microloan program.
CAP, which provides business assistance and lending services in Calumet, Marathon, Marquette, Waushara, Portage, Outagamie, Waupaca and Wood counties, was named an SBA micro-lender in 2013, with an initial award of the same amount.
“We’ve loaned out almost all of the initial $250,000, so this new award will allow us to continue offering microloans to small start-ups and expanding business that may face difficulty finding financing from a traditional lender,” said Laura West, CAP’s director of Business Development.
The SBA’s microloan program provides loans up to $50,000 to help small businesses start up and expand. Intermediaries administer the Microloan program for eligible borrowers. CAP was approved as an intermediary lender in 2013 based on its experience in lending as well as management and technical assistance experience.
“We’re excited about it,” said West. “The SBA micro-loan products are a little more flexible and have helped us better meet the needs of our clients and communities.”
CAP’s Business Development Program offers start up and expanding businesses a range of services designed to make them successful. Services are free to low-income individuals or to businesses that create living-wage jobs for low-income individuals.
For more information on how CAP’s Business Development programs could help you start or grow your business, visit capservices.org/business-development.