Missing a piece of the puzzle to growing your business?

Got a small business in Upper Bucks County?  Looking for that edge? Micro-loans can help.

For a small business or sole proprietor just starting out, Micro-loans provide a financial leg up.

Micro-loans, available through The Rising Tide Community Loan Fund, provide a way for start-up businesses, small business expansion or other types of small business enterprises to obtain needed capital to grow and prosper.

The Rising Tide Community Loan Fund is a non-profit federally certified Community Development Financial Institute, which provides business funding for a variety of uses.

The Rising Tide has historically arranged $4.3 million of capital to 136 different businesses in Lehigh and Northampton counties and recently added Monroe, Carbon and Upper Bucks counties to its service area, according to Chris Hudock, director of The Rising Tide. Since December 2015, about $1.5 million has already been loaned to 52 different businesses, Hudock said.

From resource acquisition, to improvements in leased spaces, equipment purchases, marketing, working capital, stocking inventory and real estate acquisition, a Micro-loan could be the right fit when a traditional loan isn’t an option.

Up to $35,000 of vital funding per business is available through the Micro-loan program, Robert Mineo said. Mineo is financing assistance program director for the Small business Development Center based at Lehigh University in Bethlehem. Mineo specializes in helping business owners and operators understand their financial options, along with assisting them in creating presentation pitches they can make to investors and lenders.

At a recent presentation and panel discussion hosted by UBCC in Quakertown, participants learned about the benefits of Micro-loan programs, and made important staff contacts with those who can help facilitate the process.

“Having a microloan program in the community is just another way to assist our small businesses, that don’t qualify for traditional financing, access to the capital needed to grow,” said Tara King, Executive Director of Upper Bucks Chamber of Commerce.

“Whether that reason is due to having a less than perfect credit rating, not having the right collateral, lack of credit history – all the things that a bank looks at when qualifying an applicant – to still be able to access capital at a rate less than using a credit card,” King explained.

“It can mean the difference between watching a business crash and burn because they couldn’t access the capital needed and watching a business root in a community and thrive,” King said.

Mineo said The Rising Tide Community Loan Fund, which was recently extended to cover Upper Bucks met a need. “There was not a program like this that covered Upper Bucks before,” Mineo said.

“Upper Bucks is an opportunity for growth,” Hudock said.

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