The Arkansas Economic Development Commission (AEDC) has guaranteed the first loan through the Minority Business Loan Mobilization Revolving Loan Fund to Gladden & Metz, Inc., a supplier of medical and safety supplies.
The loan was provided by alt.Consulting of Pine Bluff.
Through the Minority Business Loan Mobilization Revolving Loan Fund, AEDC's Small & Minority Business Division guarantees up to 90-percent of loans from $10,000 to $100,000 made to qualifying small and minority businesses.
The Loan Fund is used to promote the development of minority business enterprises in the state, increase the ability of minority business enterprises to compete for state contracts, and sustain the economic growth of minority business enterprises in the state.
"We are proud to partner with small businesses to help them obtain the financing needed to continue to grow," said Grant Tennille, executive director of the Arkansas Economic Development Commission. "Small business is the backbone of Arkansas's economy and this loan fund is a very important tool in keeping this sector strong."
Gladden & Metz is a certified service disabled veteran-owned business founded in 2009 in a home office. The company has since grown to a need for additional space and a loan to continue this growth.
An approved Arkansas lender, alt.Consulting has provided on-site, in-depth assessments and change management plans, systems and one-on-one training to over 2,600 small businesses resulting in positive cash flow, profitable growth and job creation since 1998.
Click here for more information on the Minority Business Loan Mobilization Revolving Loan Fund.