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Fund offers microloans to small businesses

Rochester Business Journal
May 30, 2014

A $250,000 revolving loan fund is in place to provide microloans to small businesses in Rochester and Upstate New York.

It is the result of a partnership between Pathstone Corp.’s Pathstone Enterprise Center Inc. and Woodforest National Bank, officials announced this week.

The fund is available to new or existing businesses that do not qualify for traditional bank financing but have a strong business plan and the ability to repay the loan, officials said Thursday. Businesses in the Rochester, Buffalo and Syracuse areas and Genesee County are eligible.

The closing for the fund was scheduled for Friday.

Pathstone is a private, non-profit regional community development and human service organization, which has its headquarters on East Avenue.

Woodforest, based in suburban Houston, has five branches in the Rochester market and 750 branches in 17 states. Woodforest is Wal-mart Stores Inc.'s largest retail partner
 
(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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