The Ozarks Small Business Incubator (OzSBI) and the South Central Ozarks Council of Governments (SCOCOG) are pleased to announce that they have partnered to expand and improve OzSBI’s Microloan Fund. As part of both organization’s efforts to better serve the small business community in our 7-county region, SCOCOG has transferred the remaining $512,916 in their microloan revolving fund to OzSBI’s Microloan Fund. Cody Dalton, Executive Director of SCOCOG, had this to say about the collaboration: “We are very happy to partner with the OzSBI for the management of the microloan program. Given the incubator’s purpose and its growing network throughout the south-central region, they are ideally suited to interact directly with area entrepreneurs and small business owners, allowing efficient and effective use of the program funds.”
The OzSBI Microloan Fund is designed to advance the success of small rural entrepreneurs combining microfinancing with business training, counseling and education. The Microloan Fund may be used as direct loan, seed capital or “gap” financing combined with traditional lending. SCOCOG’s transfer has recapitalized OzSBI’s Microloan Fund increasing OzSBI’s ability to assist more entrepreneurs with the necessary revenue to start or expand their businesses
The OzSBI Microloan Fund has historically capped loans at $25,000, but this additional funding will increase the maximum loan amount to $50,000, with a minimum loan of $5,000. Additionally, the process to apply for a microloan has been completely revised and now includes a more streamlined application process with a fillable business plan questionnaire. OzSBI anticipates that these changes will allow them to serve more businesses, approve new loan applications more quickly, and offer better loan terms. OzSBI returns payments from borrowers back to the OzSBI Microloan Fund to assist other entrepreneurs with their business development; creating a revolving loan fund.
To learn more about the OzSBI Microloan Fund, visit OzSBI’s website at ozsbi.com/microloans or call OzSBI at 417-256-9724. Since 2012 OzSBI has funded a total of $530,512 in microloans.
