Local Voices
The Center for Empowerment and Economic Development lowers interest rate on small business growth loans
Sets goal to make $500,000 in loans to small businesses in 2014
LIVONIA, June 23, 2014 – One main concern for small business owners is access to capital. According to the U.S. Small Business Administration’s Office of Advocacy, the major constraint limiting the growth, expansion, and wealth creation of small firms—especially
women- and minority-owned businesses—is inadequate capital.
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The Center for Empowerment and Economic Development (CEED) has trained 15,000 business owners and entrepreneurs and provided $5.5 million in needed financing. This has led to the creation of over 1,800 jobs.
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A 5% interest rate on small business loans increases organizational commitment to supporting small business owners. Through partnerships with the City of Detroit, Oakland County, Washtenaw County and U.S. Small Business Administration, CEED provides loans up to $50,000 for machinery, equipment, inventory and some working capital.
“A loan from CEED comes with more than money. Part of the loan relationship is technical assistance which can range from help with bidding on federal contracts to using social media as part of your marketing strategy. Our goal is to make $500,000 in loans in 2014” says Michelle Richards, CEED Executive Director.
Rachel and Tarek Kanaan of Unity Vibration Living Kombucha Tea LLC received a loan from CEED at a critical time. “The CEED loan really helped us grow when we needed cash to expand our operations”, states owners Rachel and Tarek. At the time, their Ypsilanti-based company was growing at a rapid pace and needed inventory and equipment. They were recently recognized by DRAFT magazine as a ‘Top 25 Beers of 2013’ for their Bourbon Peach American Wild Ale.
To register for an upcoming loan orientation or to learn more about the program, visit www.miceed.org or call 734-677-1400.
ABOUT CEED
CEED (www.miceed.org) is a nonprofit organization whose mission is to empower women and minorities economically through business development training, supplier certification as a certifying council for Women’s Business Enterprise National Council (WBENC), business-to-business networking and accessible capital assistance programs.
