In today’s WSJ there is an article about the role micro lending is playing in urban environments.
A considerable part of the article focuses on the Greater Newark Business Development Consortium. GNBDC essentially focuses on aiding entrepreneurs in attaining loans through the US Small Business Administration Microloan Program.
“Mark Quinn, executive director of the Greater Newark Business Development Consortium, which provides financing to small businesses, says his New Jersey organization is now getting calls from small companies that have been in business for 10 or 20 years.
One new borrower is Terry Bressler, chief executive of Skyline Trimmings LLC of Newark, N.J. He borrowed $22,000 from the Newark consortium last summer to help create a Web site and upgrade machinery at his eight-year-old company, which provides fabrics for window blinds.
Mr. Bressler, 65 years old, says he has received small-business loans from banks in the past. But last year, two banks turned him down for a $50,000 loan. “They said they weren’t giving out any money,” he says.”