We are happy to announce our new loan initiative, the New American Loan Fund Credit Builder Loan Program.
This product will help create credit history and make our clients bankable so they may expand their businesses in the future.
The New American Loan Fund creates a financial path for individuals who are looking to start a business but do not qualify for government loans or loans through traditional lenders.
To date, $800,000 has been loaned to individuals through the New American Loan Fund.
Since Oct. 1, 2016, the Latino Business Center has placed 40 loans to Latino microentrepreneurs in Nebraska. The loans total $466,600.
With an average of $11,665 per loan, the Latino Business Center is not only able to take risks to fund these businesses but we are able to prove it doesn’t take too much money to start a new project.
During the same time frame, 770 individuals were trained or counseled by our staff.
Additionally, in the last three months, we were able to make two loans to Latino entrepreneurs in the amount of $250,000 each. These larger loans are made available through a new Rural Enterprise Assistance Project (REAP) product introduced in 2016.
You can now see why we are having a good time.
Feature photo: The Latino Business Center has a sizeable impact on Columbus, Nebraska, population 22,800.
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