FROED One Government Center Fall River, MA 02722-7700 Tel 508-324-2620 Fax 508-677-2840 info@froed.org		SMALL BUSINESS ADMINISTRATION AWARDS $750,000 FOR MICROLOANS IN FALL RIVER SMALL BUSINESSES URGED TO APPLY The Business News & Views, October 2009 - Page 5 Mayor Robert Correia and Kenneth Fiola, Jr., Executive Vice President of the Fall River office of Economic Development (FROED), announced today that FROED, also known as Jobs for Fall River, Inc., has received a $750,000 loan from the U.S. Small Business Administration (SBA) Microloan Program. These funds will allow small businesses in Fall River in need of funds the chance to get the financial support to make their business successful. “This is a great opportunity for small businesses in the City of Fall River to get funding for their ventures,” said Mayor Robert Correia. “Small businesses are a very important part of Fall River’s local economy, and their success is vital to the City’s success. I urge anyone interested in a small business loan to inquire for more information and take full advantage of this opportunity.” A company applying for a microloan must be a Fall River business with fewer than 500 employees. The company must also make less than $3.5 million in revenue. Microloans have a minimum 6% fixed interest rate, with the loan term being up to 6 years. Loans are available up to $35,000 and funding can be used for a variety of business expenses, including remodeling, capital improvements, marketing costs and reduction of credit card debt. There are not pre-payment penalties and interested borrowers are encouraged to apply anytime as there is no deadline to apply. “The Fall River Office of Economic Development offers Fall River businesses affordable financing through an in-house Microloan Fund,” Kenneth Fiola, Jr. said. “This innovative financing tool targets startup ventures and existing small businesses that cannot otherwise obtain conventional funding.” FROED staff is available to work with the business owner during the application process. For more information on how to apply for a microloan, call Steve Parr in the Fall River Office of Economic Development at 508-324-2620. Back