The Small Business Commission on Monday night discussed the progress of a new loan program that has helped bolstered new and existing businesses, many of which have been turned down by banks during the recession.
The commission got an update on the Mayor’s Revolving Loan program, which was launched in April 2009 to help businesses that could not access capital.
To date, eight loans have been issued to help new startups and other businesses with capital costs and other business expenses.
So far, half of those loans went to startup businesses, with the average loan size being $23,500, officials said.
The loans are issued through TMC Development Working Solutions, a local nonprofit. The goal is to issue 35 loans over a two-year period. Loans range between $5,000 and $50,000, with a fixed rate between 4 and 6 percent.