Piedmont Enterprise Capital was previously referred to as the Greensboro Neighborhood Growth Fund, however Lester mentioned the brand new identify speaks to the broader footprint the nonprofit lender is making an attempt to ascertain.
In Greensboro, Lester mentioned, the nonprofit has a portfolio of greater than 110 corporations with $1.6 million in loans.
“These companies vary from service-based companies comparable to a janitorial firm, to companies which might be mom-and-pop most important avenue shops,” he mentioned.
Lester mentioned Piedmont Enterprise Capital additionally has a portfolio of eating places, including that one benefit to corporations that get the loans is that they will reap the benefits of “shared studying” to realize extra expertise in operating their companies profitably.
Piedmont Enterprise Capital will probably be working with corporations that get grants by one other program introduced in September referred to as the Minority Enterprise Enterprise Grant Program, which is coordinated by Higher Winston-Salem Inc.
That program has assembled $1.2 million that will probably be paid out in grants of as much as $25,000 to help companies owned by Blacks and Hispanics.
“That $1.2 million program has created a stir,” Lester mentioned. “We had conversations with the chief of their steering committee and decided that it might make sense to accomplice and create a debt alternative for small companies which might be awarded a grant. We will supply these candidates as much as $10,000 from the Black and Brown Possession Fund that we’re branding.”
— to journalnow.com
The post Minority business loan effort launches in Winston-Salem | Local News appeared first on Correct Success.
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