The Missouri Women’s Business Center has formally launched its microlending program as of Wednesday evening, supported by a generous grant of $839,000 from Upward Momentum. This funding, awarded to its parent organization, Central Missouri Community Action (CMCA), is essential for assisting small business owners in mid-Missouri.
Jayme Prenger, the Director of the Missouri Women’s Business Center, shared her excitement about this new endeavor, emphasizing that the grant will facilitate the hiring of a capital access program manager to lead the microlending initiative. “This program aims to alleviate the apprehensions that small businesses face when seeking loans from banks,” Prenger stated. “Our commitment extends beyond just financial backing; we aim to offer guidance and education to ensure business success.”
For many years, the Missouri Women’s Business Center has provided coaching and resources to assist business owners in overcoming financial hurdles. The center has supported small enterprises with essential documentation preparation for loans and delivered training on personal finance and business operations. The new microlending program will enhance these efforts by providing customized financial products alongside ongoing coaching and counseling.
Darin Preis, Executive Director at CMCA, highlighted the comprehensive nature of the new program: “Whenever we extend assistance, it includes coaching, counseling, and guidance to foster the success of the business owner.” This initiative will collaborate with the Financial Opportunities Center, another CMCA division, to ensure holistic support for both personal and business finance.
“This is a goal CMCA has pursued for several years, and we’ve conducted several pilot programs,” Prenger mentioned. “We are confident this version will create a significant impact.”
The additional funding from Upward Momentum will enable the Missouri Women’s Business Center to expand its services across eight counties in mid-Missouri, enhancing the reach of its microlending and business support initiatives. By concentrating on both financial access and education, the center seeks to empower more entrepreneurs to attain sustainable success in their ventures.
The new microlending initiative represents a substantial advancement in providing essential resources for small businesses, particularly those led by women, in underserved areas.
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