- Gerry Dick
Gary Bank Partnership Awards First MicroloanPosted: Updated:
The city of Gary is partnering with First Financial Bank to offer small business loans to local businesses who enter the Gary Micro-Enterprise Initiative. The city has named Joslyn Kelly, owner of J’s Breakfast Club, the first recipient of funding through the program.
The city’s and First Financial have created a Micro-Loan pool that affords $100,000 in funds available to GMI graduates.
The money is renewable annually to existing and start-up small businesses. Applicants may borrow funds in $10,000 increments with up to $20,000 per business upon approval.
Kelly was awarded $10,000.
“Small businesses in our community contribute greatly to our local economies said,” Mayor Karen Freeman-Wilson in a news release. “Not only do small businesses present different employment opportunities and diverse offerings in our communities, they inspire other aspiring entrepreneurs. The GMI program and this collaboration with First Financial is an awesome opportunity.”
The program aims to assist small, minority and at-risk businesses within the Gary community.