Loan Program Targets Small Businesses
Small businesses located in the inner city or owned by minorities can apply for loans of $50,000 to $5 million from the GE Capital Community Small Business Development program.
Aimed at entrepreneurs in Connecticut, Maine, New Jersey, New York, Pennsylvania and Washington, DC, who have traditionally been disenfranchised from the lending process, the program combines loans with technical assistance through its GE Capital Small Business College.
Entrepreneurs who have been in business for at least two years, have $100,000 or more in annual sales, and are adding value to their communities can apply for loans. Proceeds can be used for working capital, equipment or building purchases, and expansion.
Some loans are tied to enrollment in the GE Small Business College; others are not. The college is an 11-week course offering instruction from experienced businesspeople. The college is geared toward entrepreneurs who have been in business three to four years and are ready to take their firms to the next level. For information, call (203) 961-2166.