Arkansas State Program Guarantees First Business Loan
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UPDATED: Sep 25, 2012
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The Arkansas Economic Development Commission (AEDC) announced that it guaranteed its first small commercial loan through its Minority Business Loan Mobilization Revolving Loan Fund.
The recipient of AEDC’s guaranteed money was Gladden & Metz, Inc., a supplier of medical and safety supplies in Bryant, Ark. Gladden & Metz received a $13,000 small business loan approved by alt.Consulting of Pine Bluff, Ark.
Gladden & Metz is a disabled veteran-owned business that was founded in 2009. The company has grown and needed funding to expand from its home office to a larger location.
The Minority Business Loan Mobilization Revolving Loan Fund is a state run program that will guarantee small commercial loans ranging from $10,000 to $100,000. More specifically, it hopes to promote the development of minority business startups within the state of Arkansas.
“We are proud to partner with small businesses to help them obtain the financing needed to continue to grow,” said Grant Tennille, executive director of the AEDC, in a news release.
Eligible applicants for the Minority Business Loan Mobilization Revolving Loan Fund include:
- African Americans
- American Indians
- Asian Americans
- Hispanic Americans
- Pacific Islander Americans
- Service Disabled Veterans
Additional requirements call for the applicant to be a U.S. citizen, a permanent resident of Arkansas, and have ownership of at least 51 percent in the company that seeks financing.
The proceeds from the fund must be used to sustain or expand a minority’s business within the state of Arkansas. Funds can be used for any of the following purposes:
- Job creation
- Purchase of Equipment or Machinery
- Working Capital
More information about the Minority Business Loan Mobilization Revolving Loan Fund can be found on AEDC’s State Programs page.