LISC Community Advantage loans to benefit small businesses

This year, Local Initiatives Support Cooperation received its Community Advantage license from the Small Business Administration. The brand-new program is one of eight LISC markets in the country to offer this type of loans.
 
The loans range from $50,000 to $250,000, and can be used by small businesses for working capital, real estate, inventory, equipment and tenant improvements. Businesses must be for-profit, and even startups can qualify, as long as they have two years of experience in the industry and a strong team and plan in place.
 
“Community Advantage is an SBA-guaranteed loan program to help entrepreneurs launch or expand small businesses, particularly in low- to moderate-income communities,” says Patrick Duhaney, program officer for LISC.
 
LISC’s program now offers existing businesses and startups that are viable, but for one reason or another aren’t strong enough for traditional bank financing, access to the capital needed in order to launch or expand.
 
Community Advantage has yet to finance any businesses, but there are a few on the horizon, Duhaney says.
 
LISC has been operating in Cincinnati and Northern Kentucky since 2000. In that time, it has awarded more than $75 million in grants and loans, including loans that supported the new Anna Louise Inn, single-family and senior housing projects, and Covington’s Pike Star building.
 
By Caitlin Koenig
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