Etrepreneurial Loans and Business Assistance

The goal of the National Community Reinvestment Coalition's CommunityExpress program is to provide financing and technical assistance to entrepreneurs who have been under served by financial institution. The national initiative is administered jointly by the NCRC and the U.S. Small Business Administration, with local banks and nonprofits providing support and resources. How it works: SBA guarantees business loans, community based organizations provide the technical support, and lenders compensate these groups for the cost of support. Eligible small businesses must be located in low income areas, or owned by women, minorities or veterans. The average size of a Community Express loan is approximately $75,000, with the maximum allowable loan set at $250,000. Interest rates on loans do not exceed 2.75% over prime rate. The CommunityExpress Program also includes pre and post loan assistance in the form of marketing, financial, management and planning assistance. To qualify, a business should be ownned by or serve low income populations, women or minorities.