Four area businesses recently sought counseling from CenterPoint’s Illinois Small Business Development Center. They collectively applied for and received microloans totaling $115,000 to expand or improve their businesses. CenterPoint partners with Accion Chicago and Borrego Springs Bank who are both preferred SBA lenders that provide loans as low as $500 for a credit builder loan to as high as $50,000 for businesses located in low to moderate income areas. An Army veteran who attended CenterPoint’s Veterans Entrepreneurial Boot Camp at GSU last year received CenterPoint’s first SBA guaranteed loan under the Patriot Express Loan Program to expand his Tinley Park based business. CenterPoint 504, the center’s not for profit SBA Certified Development Company, also worked with a local client to complete a $1.8 million loan and investment package for a new business. “CenterPoint client loan and investment activity of nearly $2 million for the first two months of 2010 has nearly equaled all loan and investment activity of 2009. Our microloan volume has never been more active,” said Hilary Burkinshaw, CenterPoint Director. During the past 10 years, CenterPoint at Governors State University has counseled over 4,000 small business clients that has lead to the creation and retention of over 6,000 jobs in the GSU region. The center has also provided or helped secure financing of over $120 million helping 72 small businesses expand, 84 businesses start up, and 19 clients purchase businesses.
