MACED Launches New Matching Loan Program for Small Businesses

Prestonsburg, Ky
September 2004

The Mountain Association for Community Economic Development (MACED) is pleased to unveil an innovative new business loan program - The Friend and Family Matching Loan Program. The Friend and Family Matching Loan Program is an innovative, convenient and cost-effective way to start or expand your business.

The program will be piloted in the following counties: Boyd, Carter, Elliott, Floyd, Johnson, Greenup, Lawrence, Martin, Magoffin and Pike. After a testing period, it will be offered to all of MACED’s 51-county east Kentucky service area.

The Friend and Family Matching Loan Program is a funding alternative to traditional microbusiness or small personal loans. MACED will consider making a dollar-for-dollar match loan up to $5,000 to any qualifying business able to produce proof that a friend or family member is willing to lend an equal share of business capital. With the match, the investment could provide eligible businesses with up to $10,000 for working capital, inventory or equipment.

The Friend and Family Matching Loan Program offers confidential and online eligibility at www.maced.org/friendandfamily with a preliminary response from MACED in minutes. If you have been in business for three months, are interested in expanding or need funds to manage your growth, then the Friend and Family Matching Loan is for you.

The Friend and Family Matching Loan Program helps entrepreneurs establish business credit, eliminates the option of long-term credit card debt, offers flexible financing and replaces the need for the traditional loan co-signer. Best of all, the program is fast and easy.

Since 1976, MACED has contributed to the growth, financial stability and long-term success of businesses in Kentucky and Central Appalachia. The staff is experienced in helping companies reach their goals by providing assistance with business planning, managerial and technical support and structuring loan packages to meet capital needs. It is our goal to help create an Appalachian Kentucky with sustainable economic opportunities for all people, and we are making a difference—one business at a time. For more information on this and other MACED programs visit www.maced.org or call 606-889-0565.