While many small and start up-businesses may have a hard time accessing traditional financing, we believe that many of them represent sound investments. Additionally, by investing in small businesses, we are also investing in their local supply chains, their employees and landlords. We are helping to build wealth locally and contributing to the virtuous cycle of commerce.
But these investments are only made possible through a shared commitment on behalf of a number of financial institutions and through their ability to work in concert to achieve a shared goal: more businesses starting and growing in Lawrence.
The Fund is comprised of 10 visionary financial institutions committing $250,000 each to create a $2.5 Million fund available for local lending (see full listing below). The City of Lawrence provides a 10% loan loss reserve to the fund and the program is administered by a local community development financial institution, Mill Cities Community Investments. Anchored by private capital and completed through close collaboration among other core partners, the Venture Loan Fund represents what is possible through a shared vision and a shared investment.
Lawrence Venture Fund loans range from $10,000 to $100,000 to small businesses in Lawrence. For more information or to apply please contact Aaron Lackman at (978) 254-1427. Loan recipients also benefit from additional technical assistance provided by MCCI and other partners that are part of the Lawrence Small Business Connectors.