Microloan Program In Alabama

Keywords:
Minority Business Loans
SBA

The SBA is investing $750,000 in Seedco Financial Services Inc. to help launch a micro-loan program in Alabama to foster small business development.

Regions Bank also recently invested $2 million in the nonprofit program.

The micro-loans will provide financing up to $35,000 when conventional financing
is not available to help with working capital, inventory, supplies, furniture, fixtures, machinery and equipment, according to the release.

"This is an excellent opportunity for not only a number of small business owners, but
for the state's economy," said Ivan Holloway, Seedco Financial vice president of
Alabama operations.

Seedco Financial Services Inc. is a fast-growing nonprofit lender with a capital pool
that has expanded from $6.5 million to $180 million within the last nine years.