First State Community Loan Fund (CLF), a nonprofit community development financial institution providing lending and technical assistance services to small businesses and community organizations, has been recognized by the Office of Economic Opportunity as one of the top 25 Community Advantage lenders nationwide.
The Community Advantage program is a Small Business Administration (SBA) initiative to increase lower dollar loans to and lending in traditionally underserved communities. Program participants are required to make at least 60 percent of these loans in underserved markets. According to the SBA, nearly half of these loans are for $100,000 or less, ensuring that the program reaches a segment of the small business community that is often unable to secure financing from traditional banks.
Community development financial institutions like First State CLF approved more than $100 million in financing for small businesses in the last year alone, making Fiscal Year 2015 one of the strongest years for lending to underserved markets.
“This has been an incredible year of growth for us and for our customers,” says First State CLF CEO Van Hampton, Jr. “We’ve approved over $2.75 million in loans to small businesses in our region, which is a 37.5% increase over last year. The jobs created and retained as a result of our lending activity have more than doubled.”
In addition to Community Advantage loans of up to $250,000, First State CLF also offers Micro Loans ($5,000-50,000) and Business Growth Loans ($51,000-250,000), along with a matched savings program and technical assistance resources for entrepreneurs.
