 | November 2009 News Fresno CDFI and Microloans Featured in the Fresno Bee
Valley businesses get boost with microloans By Bethany Clough / The Fresno Bee
 A form of lending that usually benefits poor people in Third World countries is thriving
Increasingly, they are turning to microloans — a form of financing provided by nonprofit agencies rather than banks.
The model for microloans was developed in the Third World, where they have been used for decades to boost the fortunes of people who may earn less than $1 a day. In the Valley, such loans are providing hope for business owners who have seen their credit cards and home-equity lines dry up. in the Valley as small businesses struggle to find credit.
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80/20 Jobs Program in Full SwingOn February 17, 2009, President Barack Obama signed the American Recovery and Reinvestment Act of 2009 (ARRA). The 80/20 Stimulus Project is one of the new, exciting programs that resulted from the Act which has made available millions of dollars to Fresno County businesses through unprecedented labor subsidies aimed at revitalizing local businesses and mobilizing the workforce.
Fresno County companies of all sizes, from all industries, private, nonprofit, and municipal bodies are eligible to be reimbursed 80% of cost associated with hiring new, qualified* hires (full-time regular positions). The reimbursement will cover wages and administration fees which include:
· Work –related supplies and materials
· Training and supervision expenses
· Other related costs
* Qualified Hires are the thousands of job-ready candidates affected by the current economic climate and enrolled in the County of Fresno Department of Employment and Temporary Assistance CalWorks program (approximate 11,000 job seekers; this number will be going up to 40,000 in December).
For more information visit: www.fresnoetastimulus.org
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FresnoCDFI.com Provides Resources for Business Start-up and Expansion
Including resources for micro-enterprise/small business development, entrepreneurship, business/marketing plan development, and consumer credit information.
Visit our resources page for more information on programs that help small businesses.
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About Fresno CDFIOur vision...
at Fresno CDFI is to be a comprehensive financial services, financial education, and information access institution for low and moderate-income residents and businesspersons. We offer financing services, including financing the start-up and expansion of small and micro business enterprises.
Our purpose...
is to stimulate reinvestment in urban and rural neighborhoods in the City and County of Fresno through a partnership of neighborhood residents, the business community, representatives of local government and financial institutions, and other interested persons, working together through a professionally staffed, neighborhood-based, nonprofit corporation. Find out more about our Loan and Financial Assistance Programs | |