Small businesses, which employ about half of Pennsylvania’s workforce, are critically important to the state’s economy. Too often, though, small business owners must resort to high-interest credit cards for financing because they are too small for consideration by traditional banks.
Treasurer McCord launched the Micro-Lending Investment Initiative in 2010 to fill this financing gap, so more small businesses owners can start-up or expand their dream endeavor – creating even more jobs in the process.
Under the initiative, the McCord Treasury has allocated $10 million to eligible Community Development Financial Institutions (CDFIs) across the state. Treasury’s investment, at a market-based rate of return, fills a critical need in the marketplace and will enable these CDFIs to increase their investment in local businesses and strengthen their communities.