The Regional Planning Commission of Greater Birmingham, AL, offers a range of micro loan programs to keep businesses open and jobs downtown.
(Boonton, NJ, December 15, 2011) — Flexible, accessible financing can make the difference between small business success and failure, especially during tough economic times when traditional financial institutions have tightened restrictions on lending.
To meet the needs of small businesses, the Regional Planning Commission of Greater Birmingham, AL, has assembled state and federal funding to create a pool of $2.3 million to lend to small businesses as part of the organization\'s goal to retain jobs in the small business sector.
One of the most interesting loan programs offered is the receivables lending program, says Yvonne Murray, director of economic development.
Notes of up to $25,000 are available for a maximum of 30 days. "We use accounts receivable as collateral and require a personal guarantee from the company principals. "These loans provide short-term working capital for payroll and supplies and materials for the open receivables.
Information on the full range of programs to support small businesses appears in the December issue of Downtown Idea Exchange newsletter.
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