Madison County Treasurer Frank Miles said his office will be implementing a loan program for small business owners interested in expanding their operations and entrepreneurs looking to start a business.
He said loans will range from $250 to $35,000 under the Madison County Micro Loan Program.
The program was created by the Treasurer's Office in association with The Bank of Edwardsville and Justine PETERSEN, a not-for-profit organization headed in St. Louis.
The bank will serve as the program's financial sponsor. Justine PETERSEN will be responsible for the overall administration of the program and issuing the fixed rate, low interest loans. The organization will also provide technical and counseling assistance.
The program is designed to provide loans to individuals and small businesses that may be unable to secure financing from traditional lenders. Loan funds may be used for equipment, working capital or inventory. The loans may not be used for refinancing existing debt, lease improvements or property acquisition.
Those interested in applying should visit the Justine PETERSEN website at www.justinepetersen.org/content/loan-products to download and complete the micro loan application and business plan questionnaire.
The final step in completing the loan application process is to schedule an appointment with one of Justine PETERSEN's counselors.
Additional information can be obtained by contacting Justine PETERSEN at 618-741-2159, the bank at 618-656-0098 (www.4thebank.com) or the Treasurer's HELP Desk at 618-692-6260 (www.madcotreasurer.org).
Treasurer's office will launch small business loan program
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