Microloan program planned for small businesses in Madison County

 

PHOTO: Madison County Chairman Alan J. Dunstan (standing) addresses the Southwestern Illinois Chamber of Commerce Thursday in Granite City.

From Illinois Business Journal news services

EDWARDSVILLE – Madison County Chairman Alan J. Dunstan announced Thursday that the county has joined forces with the nonprofit organization Justine Petersen to create a microloan program for small businesses and entrepreneurs in Madison County.

madcojustinepetersenDunstan made the announcement during an appearance at an issues forum presented by the Southwestern Illinois Chamber of Commerce at the Granite City Housing Authority.

“There is an overall need for capitalization by new and existing small businesses in Madison County and this program is one way to address that need.”

“We cannot overlook the impact of small businesses for the jobs they create and the impact they have on our local economies,” Dunstan stated. “With the involvement of Justine Petersen, the country’s largest microlender, the Madison County Microloan Program will help new and existing small businesses that are unable to secure affordable commercial loans,” Dunstan said.

The Madison County Microloan Program began with a $200,000 loan from Madison County Community Development to Justine Petersen’s Community Development Financial Institution Great Rivers Community Capital.

Justine Petersen, a St. Louis based 501(c)3 company, is the nation’s largest microlender for the U.S. Small Business Administration. The organization was founded in 1997 to honor the memory and continue the work of Justine M. Petersen, a longtime community advocate in the St. Louis area.

Small-business owners and entrepreneurs interested in obtaining additional information or applying for a small-business loan through the Madison County Microloan Program should contact Galen Gondolfi, senior loan counselor and chief communications officer at Justine Petersen, (314) 533-2290, or visit the organization’s website at: www.justinepetersen.org

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