FAMU Credit Union, Leon OEV to offer $1 million microloan program to women, minority business owners

TALLAHASSEE, Fla. (WCTV) - Sunday, the Florida A&M University Credit Union alongside the Leon County Office of Economic Vitality announced that they have partnered to create a $1 million microlending program that is specifically targeted at women and minority owners of small businesses in Leon County.

The program is deemed a “a smart tool available to them as they map out their long-term survival plans,” the press release said.

The funding for this revolving loan program comes from the Coronavirus Aid, Relief, and Economic Security Act. CARES is a federal economic stimulus bill that provides for payments to local, state, and tribal governments navigating the impact of the pandemic.

“It’s important to us that business owners have options for securing the dollars needed to keep their businesses up and running,” the president and CEO for the FAMU Federal Credit Union, Sheilah Montgomery, said in the release. “The new microloan program we’re offering to minority and women business owners can provide them with the immediate capital that often serves as the catalyst to jump-start large scale efforts that attract large-scale revenue.”

According to Montgomery, the FAMUFCU will bring up to $250,000 to the table each year that will be used for administrative and operational costs associated with the initiative, called SmartSteps.

For more information about the FAMU Federal Credit Union and SmartSteps, you can contact (850) 222-4541.

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