Chemical Makes No-Interest Loans in NY Area
Chemical Bank is providing $250,000 in no-interest loans and grants to support small businesses in the New York area.
The funding is part of Chemical's new Microbusiness Initiative Program.
The New York bank is earmarking $182,500 for local projects of two internationally recognized nonprofit organizations, Accion International and the Council for Economic Action Inc. The bank will also provide a total of $67,000 to 16 local groups.
Accion International will use its $125,000 loan to fund a new microenterprise loan pool in New York. In additional assistance, Chemical awarded Accion a $12,500 grant to serve as a loan-loss reserve and agreed to have a branch service the Accion loans.
The Council for Economic Action will receive a $45,000 grant to study the feasibility of a program to train and provide financing for small-business owners in New York neighborhoods.