ECDI offering loans to owners of new, existing businesses

As just about any entrepreneur will tell you, financing a business can be a difficult task. However, those willing to consider a non-traditional lender might have a friend in the Economic and Community Development Institute.

Part of what separates its lending program from those at commercial banks is that ECDI not only offers loans, but also consults with new and existing business owners as they plan, fund, build and grow their enterprises.

“ECDI provides a holistic approach to small business lending not found elsewhere in our market,” says Rose Roman, chair of ECDI’s loan review committee and vice president and community development officer for Commerce National Bank in Columbus.

In fact, ECDI Relationship Manager Catherine Feerick says the organization is willing to mitigate blemishes through creative project structures and provide loans to entrepreneurs who would otherwise be ineligible for bank financing.

What may be lacking in terms of cash equity to back loans is made up through business owners’ work experience, established patterns of saving, technical assistance for credit repair, business plan development, and business training.

Additionally, ECDI’s business development efforts after a loan closes are often greater than the effort to secure a loan.

“Clients have access to their relationship managers at all times,” Feerick says, adding that ECDI is especially adept at addressing women’s business concerns and refugee matters.

To learn more about ECDI loans, contact its business development experts at 614-559-0115 or visit ECDI.org.