Small businesses are he backbone of America. I know if you’ve read Global Diversity News articles, you’ve heard that phrase time and time again, but I have to continue saying it to illustrate the importance of small firms. The key to developing these smaller organizations is providing funding opportunties to help them grow and succeed far into the future. I am pleased to write that the Small Business Administration is expanding one of its programs in Corning, NY, dedicating an additional $250,000 to the Regional Economic Development and Energy Corporation (REDEC). REDEC has lent over $7 million to small businesses since 1993, helping to create over 2,500 jobs across New York. Microloans have been to catalyst of its success helping organizations with small loans between $1,000 and $50,000. These Microloans have aided companies in purchasing equipment, leasing, and employee pay all in an effort to stimulate business growth.
Giving money to local organizations like REDEC that understand its community is absolutely the right way to go. In addition, as I’ve mentioned before, Microloans are also extremely necessary when helping to develop organizations. In my experience, not every small business looks for, or wants the hundreds of thousands of lending options. Many simply need a few extra thousand to pay for current costs as they await future revenue. Congratulations to REDEC and I hope the SBA will continue this mindset and expand on it further going into 2017.
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