Financial Friday: Microloans can help small businesses stay afloat

HUNTSVILLE, Ala. (WAFF) - About three years ago, Redstone took its commitment to small businesses to another level.

Now, due to the pandemic, they are continuing to offer help. It partnered with two local non-profits to provide small businesses with microloans from $5,000 to $50,000.

Because access to capital can be challenging for young businesses, this money can be used for startups, early-stage businesses, and established small businesses.

WAFF talked to John Maner Sr., the Assistant Vice President for Business Solutions at Redstone Federal Credit Union. Here is what he said business owners need to know about the microloans:

• Apply for the microloans from the Catalyst Center for Business & Entrepreneurship or North Alabama Revolving Loan Fund. When you apply through these organizations, you also get coaching and mentoring.
• These loans can be used for working capital, equipment, leasehold improvements, and more.
• Business owners must qualify for the loans, which are administered with money set aside by Redstone.

If you’re a small business owner and interested in this Microloan program, you can contact Redstone Federal Credit Union or The Catalyst Center by calling 256-428-8190.

For more ways to save be sure to tune in at noon every Friday for WAFF 48′s “Financial Friday” segment.

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