Gary Partners With First Financial on Micro-Loan Program
The city of Gary and First Financial Bank have partnered to financially support Gary businesses and residents participating in the Gary Microenterprise Initiative. The Micro-Loan program is designed to assist small, minority and at-risk businesses within the Gary community.
The city’s partnership with First Financial will establish a Micro-Loan pool making $100,000 available to existing and start-up small businesses. They are able to renew this annually, according to the city. Businesses owners will be able to borrow funds in $10,000 increments with up to $20,000 per business pending approval.
The city says the program will work to be flexible. The funds target businesses that may not qualify for traditional bank financing due to loan size limits, credit conditions or other terms.
“We thank First Financial Bank for its continued commitment to the Gary community,” said Gary Mayor Karen Freeman-Wilson in a news release. “As we work to improve the economic state of the city, this collaboration presents an awesome opportunity for Gary businesses, residents and the city of Gary.”