BEDC has allocated funds to be used to facilitate small loans in amounts up to $30,000. The BEDC will offer a 100% guarantee on the loans to qualified applicants.
The product was developed in response to an identified gap in the lending market. Results from the BEDC’s bi-annual stakeholder survey showed that small businesses were in need of financial assistance for small loan amounts that the banks would not typically finance for commercial purposes.
This product will give the small business person access to the often time-sensitive and secured financing they need to purchase goods and/or capital items directly related to generating income for their businesses.