Oregon small businesses to get microloans
PORTLAND, Ore. (AP) - A loan program for small businesses and start-ups has gotten a huge boost this week from the federal stimulus package.
The Oregon Association of Minority Entrepreneurs can now administer up to $1.15 million of federal Small Business Administration loans called microloans that range from $500 to $35,000.
The small loans aim to provide opportunities for business ventures that might not qualify for bank lending.
Previously, the association had been authorized to lend only $115,000 through the program.
Officials say a million dollars can go a long way with microloans, especially when some small businesses need just a few thousand dollars to get started.
(Copyright 2009 by The Associated Press. All Rights Reserved.)