Microenterprises are those small businesses that employ five or fewer people
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The Department of Economic Development has awarded a Community Development Block Grant to Livingston County for the development and operation of a microenterprise loan pool for north central Missouri. The loan pool is to be administered by Green Hills Rural Development, Inc., a Trenton community based non-profit corporation.
“Microenterprises are those small businesses that employ five or fewer people,” says State Rep. Jim Whorton. “The purpose of the loan pool shall be to promote entrepreneurship, create jobs for low and moderate income people, and spur the adaptive reuse of downtown buildings.”
“The microenterprise loan program will be designed to assist persons that otherwise might not have the personal net worth or equity to start a small business, a home based business, or to undertake a personal dream to own one’s own business,” said Rep. Whorton.
The loan pool will be ready to begin operation sometime in February, 2002. The maximum size loan shall be $25,000, subject to other limitations and contingencies. Interest rates will typically be at or below prevailing local prime rates.
In order to participate in the microenterprise loan pool, low and moderate income applicants must attend a brief small business training course which outlines the risks, successful ideas, and milestones necessary to achieve and operate a profitable small business.
Further information on the microenterprise loan pool can be obtained by contacting Green Hills Rural Development, Inc. at 660-359-5086, ext 11 or by looking at the web page for the organization at www.ghrpc.org after the website is updated on or about Jan. 5, 2002.