A new, statewide partnership aims to aid economic development in Delaware. FINANTA, SeedcoDE and West End Neighborhood House are teaming up to create a one-stop shop for businesses that want to start or expand, but may not qualify for conventional loans.
The nonprofits will combine resources to offer:
- Entrepreneurial loans up to $100,000, including credit builders starting as low as $1,200, through FINANTA
- Small business loans between $100,000 and $4 million through West End Neighborhood House/Grow Delaware Fund
- SBA 504 loans from $300,000 to $12,000,000 through the services of SeedcoDE
“West End has long supported lending programs for affordable home ownership, and we are thrilled to also support affordable business ownership and mentorship through this new partnership. This provides previously underserved business owners the boost they need to start and grow their own businesses,” says West End Neighborhood House Executive Director Paul Calistro.
“We are very proud to work along with West End and SeedcoDE to bring more resources to those who need them most, and excited about the opportunity to expand our reach within Delaware” says Luis E. Mora Rechnitz, president of FINANTA. “Facilitating access to capital, coupled with financial counseling support, is what we do best. Hopefully, we can help more entrepreneurs accomplish their business objectives.”
“It’s a great time for business owners to take advantage of below-market, fixed interest rates and finally buy the commercial property or equipment they’ve been planning and thinking about,” says SeedcoDE Managing Director Sherwood Robbins. “Drawing on relationships with local banks and credit unions, SeedcoDE facilitates the loan process, working you toward loan approval.”
In the last decade, SeedcoDE and its sister program Seedcopa has provided over $280 Million in financing to small to mid-sized businesses and created and retained more than 2,700 jobs. Through its flagship SBA 504 loan program, SeedcoDE helps local businesses obtain government loans at below-market, fixed-interest rates for buying, building or improving commercial property or to purchase machinery and equipment. https://www.seedcodelaware.com/
Since 1996, FINANTA worked in the region’s microlending sector by offering credit-building microloans, affinity group borrowing and financial education to meet the cultural needs of immigrants, minorities and other populations. FINANTA has lent more than $60 million to over 2,100 entrepreneurs, first-time homebuyers and consumers. http://finanta.org/