Seedco Financial Services Joins List of Participating Lenders to Short Term Lending Program
BIRMINGHAM, AL – Seedco Financial Services, Inc., a national Community Development Financial Institution (CDFI) and the U.S. Department of Transportation (DOT) announced that Seedco Financial has been selected by the DOT as the only Alabama CDFI participating lender in the USDOT’s Short Term Loan program. The Short Term Lending Program provides short-term working capital to qualified disadvantaged small businesses.
Eligible small businesses must be engaged in a transportation related contract, hold the certification of Disadvantaged Business Entities, or be a business certified by the U.S. Small Business Administration Section 8(A) Program, Hubzone, Disabled Veteran or Service Disabled Veteran Owned Business. The maximum loan amount is $750,000.
“This program will go a long way to providing the type of targeted assistance that small businesses competing in the transportation industry need right now,” said Nancy Strine, Manager of the Financial Assistance Division at DOT’s Office of Small and Disadvantaged Business Utilization. “It will really help level the playing field for smaller companies to compete.”
“Seedco Financial is a leader in providing solutions to small business owners in Alabama,” said Ivan Holloway, Vice President and Managing Director of Seedco Financial in Alabama. “This program provides us with significant additional resources to provide much needed capital to this sector of the market to get jobs moving again.”
Small Businesses Attend Forum
To launch the program Seedco Financial participated in a resources forum on November 2nd where small business owners learned more about the initiative and eligibility criteria from Seedco Financial loan officers; state and local representatives with the USDOT’s Office of Small and Disadvantaged Business Utilization and the Alabama DOT; and counselors with the Alabama A&M University, Alabama State University, University of Alabama at Birmingham, Tuskegee University, and Stillman College DBE Supportive Services. The forum provided an overview of the Short Term Lending Program and the application process.
To view a clip of the press conference please click on the following link: http://mms.tveyes.com/Playerlette.aspx?StationID=2180&Duration=600&StartDateTime=11%2F2%2F2011+9%3A36%3A47+PM&ShowLinks=true&refchecked=1.
