Micro lender helps small businesses in Toledo - Toledo News Now, News, Weather, Sports, Toledo, OH

Micro lender helps small businesses in Toledo

TOLEDO, OH (Toledo News Now) -

A non-profit micro lender has set up shop in the Glass City to help people fulfill the dream of being their own boss, and now that group has sealed its first local deal.

Founded in Columbus in 2004, the Economic and Community Development Institute (ECDI) opened its Toledo office in April. Now, the local office manager says there are roughly 20 micro loan deals in the works, and ECDI has completed its first local transaction.

It's a $16,000 loan to Andre Ballard. His architectural business, Ballard Architectural Studio, has been inactive since 2008. Now, he's buying new software and marketing tools aimed at giving his business a second chance.

"It's good to return to Toledo, I grew up here," Ballard said. "It's been a real blessing to have ECDI help me re-launch at home."

Anneliese Grytafey with ECDI Toledo says they're trying to help those trying to start or expand a small business to access capital.

"ECDI is able to fill a niche in the marketplace by providing access to capital as well as business coaching for entrepreneurs that wouldn't have any place to turn," she said.

ECDI is making available loans from $500 to $150,000.

Mobile users, click on the "Video" button in the app to watch this story. Download our app here.

Copyright 2013 Toledo News Now. All rights reserved.

  • Headlines from Lucas, Wood, Ottawa, Fulton & Monroe CountiesNewsMore>>

  • Family of missing man pleads for those with information to come forward

    Family of missing man pleads for those with information to come forward

    Tuesday, October 17 2017 4:28 PM EDT2017-10-17 20:28:43 GMT
    Alvin Darrow Jr. (Source: Cheryl Bonk)Alvin Darrow Jr. (Source: Cheryl Bonk)

    A Toledo family is fearing the worst after a 64-year-old man vanished in July.

    More >>

    A Toledo family is fearing the worst after a 64-year-old man vanished in July.

    More >>
  • BGSU, Ohio's Treasurer teach high school students financial lessons

    BGSU, Ohio's Treasurer teach high school students financial lessons

    Tuesday, October 17 2017 4:19 PM EDT2017-10-17 20:19:34 GMT
    (Source: AP Images)(Source: AP Images)

    Local credit unions partnered with Bowling Green State University and Ohio's Treasurer to help set young people on the right financial path. 

    More >>

    Local credit unions partnered with Bowling Green State University and Ohio's Treasurer to help set young people on the right financial path. 

    More >>
  • Toledo motorcycle cop crashes after chase

    Toledo motorcycle cop crashes after chase

    Tuesday, October 17 2017 4:15 PM EDT2017-10-17 20:15:13 GMT

    A Toledo Motorcycle cop was injured in an after a chase Tuesday afternoon on Monroe Street. Police on scene said the officer saw a person driving recklessly and began to chase the driver. 

    More >>

    A Toledo Motorcycle cop was injured in an after a chase Tuesday afternoon on Monroe Street. Police on scene said the officer saw a person driving recklessly and began to chase the driver. 

    More >>
Powered by Frankly