Financial Friday: Funding help for small businesses
The Business Assistance Microloan Program is now offering loans up to $100,000
HUNTSVILLE, Ala. (WAFF) - A major issue for small businesses is access to capital. Redstone Federal Credit Union has partnered with the Loan Fund of Neighborhood Concepts Inc. and The Catalyst Center to address that need.
The Business Assistance Microloan or BAM is an option for those who need money for capital to start a business, expand or enhance their business. This program was around during the pandemic offering loans up to $50,000. But now they’re offering up to $100,000 in loans.
WAFF spoke with Neil Carville, with Redstone Federal Credit Union. He says there are several benefits of a BAM loan that don’t come with a traditional loan, including:
- Everything is handled locally: Redstone provides the funding through the Loan Fund of Neighborhood Concepts and owners can borrow up to $100,000.
- This money can be used for working capital, equipment, leasehold improvements, and other needs.
- An added benefit is that The Catalyst Center provides coaching and mentoring to help entrepreneurs move their businesses forward.
- How to apply, contact The Catalyst Center to get started. You can learn more by visiting: https://redfcu.org/business/
For more ways to save, be sure to tune in at noon every Friday for WAFF 48′s “Financial Friday” segment.
Copyright 2022 WAFF. All rights reserved.