Three Lake County companies are among the first recipients of loan funds from a local economic development group that created the program to help small businesses with working capital, equipment and other entrepreneurial concerns.
Lake County Partners Inc.–a private, non-profit partnership for economic development–said the loans from its second Micro Loan Pool program, which range from $500 to $50,000, were approved for an executive search firm, a cellular communications company and a landscaper.
Since February, Lake County Partners has secured more than $400,000 in capital commitments from the Lake County banking community to form the second loan pool program. That program also includes $110,000 in Lake County Community Development Block Grant Funds.
The loans are designed to provide working capital, inventory, equipment or leasehold improvements for creditworthy startups and existing for-profit small businesses.
“It is gratifying to see so many Lake County businesses applying for Micro Loans,” said Marcy Walcer, senior financial specialist at Lake County Partners.
For more information, call Lake County Partners at 847-247-0137 or view its Web site at www.lakecountypartners.com.