Scheduled to begin lending around July 31, the new Community Development Financial Insitution (CDFI) is designed to work wtih banks and other lenders to fill gaps that may in exist in the financial needs of small business owners and entrepreneurs. The Appalachian Growth Capital will serve 32 Appalachian counties in Ohio.
The CDFI is not designed to compete with local lenders or commercial banks, but work as a partner to meet the lending needs of businesses. Lending terms of CDFIs can often be more flexibla than traditional lenders making them an option to “fill the funding gap” for projects.
Intially the largest loan from (AGC) will be $100,00, but this amount will increase over time and as the loan fund grow. For intital information, contact the Appalachian Partnership for Economic Growth at 740-753-5359 or cdfi@apeg.com.
