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LAKE-SUMTER COMMUNITY COLLEGE AND SCORE LAUNCH MICRO LOAN PROGRAM LEESBURG (June 20, 2006) - New and existing businesses in Lake and Sumter counties can benefit from an exciting new Micro Loan Program. Developed through a partnership between Lake-Sumter Community Colleges Business Assistance Center, SCORE and area banks, this new program provides loans of up to $5,000, at the prime rate. A free mentorship program is also a part in this initiative. The Micro Loan Program has three strategic goals: (1) to be a conduit for individuals to access capital if a traditional loan is not available, (2) to reduce the number of failed businesses and (3) to increase the number of successful small businesses in our area. The loans are available to individuals for purposes of: (1) starting a new business, (2) growing an existing business, (3) purchasing new equipment or (4) assisting a business through a difficult period. Applicants need to submit an application, a $25 application fee and a credit report to start the process. Loan applicants are then partnered with a SCORE counselor to create a structured business plan. The application and business plan are presented to the Micro Loan Committee for consideration. Upon receipt of the loan, applicants agree to counseling with their assigned SCORE representative to assist in their success. Candidates are educated to understand that a well conceived business plan is the foundation of long-term success in any business venture. The SCORE counselor gives core instruction on the elements needed to produce a business plan, as well as financial, advertising, market research, cash flow projections and business management advice. Developing leadership skills; and improving communications, time management and organizational skills are added benefits. Citizens First Bank, United Southern Bank, Harbor Federal Bank, Florida Choice, First National Bank of Mount Dora and other area banks have allocated funds to make the Micro Loan Program possible. If you are interested, or know someone who may benefit in the Micro Loan Program, please visit the Business Assistance Center, LSCCs Leesburg Campus, 9501 U.S. Highway 441 for an application, or call 352-365-3579.for additional information. |
