New and existing businesses in Lake and Sumter counties in Florida may benefit from a new “micro-loan” program for companies that need loans of less than $5,000 at the prime rate.
The program, developed through a partnership between Lake-Sumter Community College’s Business Resources Center, Service Corps of Retired Executives and area banks, also offers a free mentorship program.
The loans are available to individuals for starting a new business, expanding an existing business, purchasing equipment, or to assist a business through a difficult period.
Loan applicants must submit an application, a $25 fee and a credit report to start the process. Applicants will be partnered with a SCORE counselor to create a structured business plan, then the application and business plan will be presented to the micro-loan committee for consideration.
For an application or more information go here.