ECDI offering loans to owners of new, existing businessesAnnouncements — By Melanie McIntyre on January 11, 2013 at 8:00 am
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.
Melanie McIntyre has served as editorial director of The Metropreneur since its launch in 2010. She previously worked as a staff writer for a business and legal newspaper, where she wrote more than 500 stories about finance and real estate and development in Central Ohio. Since 2008, Melanie has worked on a freelance basis for several local entities, including Columbus Underground, where she is a featured writer. She also blogs about fashion, style, and pop culture at Thoroughly Modern Melly. Melanie is a graduate of The Ohio State University, lives in the Short North, and enjoys reading and running.
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