Expand Program Exceeds Expectations in Creating Jobs
Feb. 28, 2002
Almost double the number of jobs were created over the last two years than expected through the city of Phoenix EXPAND program, resulting in 143 new jobs among the 30 businesses that have participated since Fiscal Year 1999-2000.
The Expansion Assistance and Development (EXPAND) program was established almost 10 years ago to make more funding available to small- and medium-size businesses with the goal of creating quality jobs for low- and moderate-income workers. By providing additional collateral to established businesses looking to grow, EXPAND helps the business owner receive loans for which he/she might not otherwise be approved.
"We're very proud of how successful this program continues to be," said EXPAND Finance Project Manager Bill Brice.
A typical EXPAND project would have the business owner establishing a relationship with a lender who would consider financing if additional collateral or equity were available. If approved by EXPAND, 25 percent of the loan value up to $100,000 will be provided to the lender as collateral for up to four years. This increases to 50 percent or up to $100,000 for businesses located in the Enterprise Community, an area roughly between Southern Avenue and McDowell Road, 24th Street to 35th Avenue.
The program has been tremendously successful, assisting more than 105 Phoenix businesses obtain $23 million in loans since its inception. The program is ongoing and qualified businesses are encouraged to participate. For more information, call 602-534-6000.
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