A whopping $500,000 is up for grabs thanks to a partnership between First Niagara Bank and PathStone. The goal is to help small businesses get their feet off the ground. Sometimes a jump-start is all a small business needs. The Rochester Micro-Loan Fund is designed for those who have trouble getting funding from big banks. The money does not necessarily have to go to new businesses. It can also go to ones that are looking to take it to the next level. First Niagara and PathStone believe the micro-loan plan is critical as access to capital is one of the most important ingredients in business growth.
"We are particularly focused on people who are what we call not bankable in a traditional sense. People who maybe have not built up enough courage to make it to a bank or frankly don't want as much money as the bank is interested in lending because they usually like to have larger loans," PathStone president Stuart Mitchell said.
"I know that today my Commissioner of Neighborhood and Business Development is very happy because we are always looking for money and ways to help new businesses not only start in Rochester, but grow," Mayor Lovely Warren said.
Loan amounts will range up to $25,000 each and can be used for things such as construction, equipment, inventory and working capital. In order to apply for a loan or to see if you are eligible, call PathStone at (800) 888-6770.
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