COLUMBUS, OHIO (August 8, 2019)
In an effort to support small, main street businesses across all 88 counties in Ohio, ECDI was recently awarded $1,800,000 loan from the Small Business Administration (SBA). With this funding, ECDI will continue to provide loans for start-up and emerging businesses.
“With more than 950,000 small businesses in the state of Ohio, it is crucial to have strong partnerships with organizations like ECDI to help businesses grow and thrive,” said Everett Woodel, SBA Columbus District Director. “Not only does ECDI provide financing opportunities that directly support local jobs and economic growth in our communities, they also play an important role in assisting emerging entrepreneurs build the confidence, skills and resources needed to expand upon their successes.”
Through the SBA Microloan Program, ECDI has been a strong Microloan Intermediary since September 2006, when it became certified as an SBA Microlender. Today, ECDI is one of the top Microloan Intermediaries in the U.S. and serves all 88 counties in Ohio with loans ranging from $750-$350,000.
“With deep roots in the Ohio market, ECDI is well positioned to provide our 15 years of expertise in small business lending to growing businesses that are underbanked and are part of marginalized communities. This loan will provide much needed start-up and expansion capital to small businesses, creating new opportunities and jobs for local economic growth,” said Inna Kinney, ECDI Founder and CEO.
Through the SBA Microloan Program, ECDI has financed more than 2,100 SBA Microloans totaling more than $16,000,000 leveraged with an additional $35,000,000 from its local partners such as financials institutions, foundations and local municipalities; creating a total impact of $51,000,000. As an SBA Microloan Intermediary, ECDI provides intensive pre-loan and post-loan technical assistance—individualized coaching, business plan assistance, financial and regulatory guidance, and connections to specialized services and resources—which helps to ensure business viability and growth.
Since 2012, ECDI has been the host of the SBA-funded Women’s Business Centers of Ohio, with locations in Columbus, Cleveland, and Cincinnati. The WBC offers co-working space with professional amenities, access to expert advice through ECDI staff and a network of professionals in wide-ranging disciplines who offer counseling on a pro-bono basis, networking, peer-learning and mentorship opportunities, and access to capital.
ECDI’s headquarters is in Columbus, Ohio with offices in Cleveland, Akron, Canton, and Cincinnati; and field operations in Toledo. ECDI is also a certified Community Development Corporation (CDC) and a U.S. Treasury-designated Community Development Financial Institution (CDFI). In all these markets, the physical presence has benefitted communities greatly. With a dedicated staff to serve these areas, ECDI has been a driving force of positive social and economic change for the underserved and underbanked.
For additional information regarding ECDI’s lending and technical assistance programs please contact
Douglas Craven,
dcraven@ecdi.org
.
