The Fresno Community Development Financial Institution received an award of $1.25 million in loan funds from the U.S. Small Business Administration to make microloans of up to $50,000 to small businesses.
The Fresno CDFI, a subsidiary of the Fresno Economic Opportunities Commission, is a loan fund to provide capital for small businesses to start up and expand. As many as 40 local companies could receive loans through the SBA investment, including small businesses and nonprofit childcare centers. CDFI representatives said business expansion through the microloans could help businesses retain or create about 80 jobs in the Central California region served by the lender.
"As an SBA microlender, these funds come at a critical time for us," said Salam Nalia, the chief executive of Fresno CDFI. "We see the need for microloans increasing as our economy improves."
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