The Cincinnati Development Fund, a community development organization whose main mission is to fund real estate projects the private sector won’t touch in impoverished neighborhoods, will help create and finance a $2 million micro-loan program to help start small, neighborhood businesses. With the participation of Mortar, the entrepreneurial mentorship nonprofit, the program will have special outreach to black- and women-owned enterprises.
Money in the city budget for its own small business loan fund fell from $245,000 in the fiscal year 2011 budget to $100,000 in FY2012 to $90,000 in FY2015 to no money in the last two fiscal years.
“There are entrepreneurs in every neighborhood who cannot get their dreams started for lack of initial funding,” Cranley said.
