They used the money to buy a bigger building a few miles away. Since then, profits have more than doubled and they've hired more people.
"Oh, gosh, no -- without the loan, we wouldn't have been able to move," co-owner
A federal loan program has paid off for many of the state's small businesses, including the
The money is used not for the actual loans, but to guarantee up to 50 percent of a total loan amount in case of default. That makes it easier for banks to say yes to more small businesses.
Once the business owner pays back the loan, the money rolls back into the pool to be used to guarantee other
That fund, called the State Small Business Credit Initiative, has been in demand here. In less than three years, the state has allocated
"Small businesses are a vital part of
The average Alabama SSBCI loan is about
The fund was created as part of the Small Business Jobs Act in 2010 and has deployed more than
Since the money doesn't return to the federal level after loans are repaid, the SSBCI pool is expected to keep growing. To date, states have reported recycling more than
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