CHATHAM — Without a "micro loan," one Chatham business owner said she wouldn't have been able to grow her business.
Joyce Gye owns S & M Plow Corp., a seasonal snow plowing business that was incorporated three years ago. Through the help of the Chatham Business Association she was able to secure a loan that she said has benefited her tremendously.
"One of the biggest hurdles for us has been having capital to pay the overhead," she said.
"The micro loan enabled us to have some funds set aside and start up cash to pay the beginning payroll, and also to purchase some equipment."
Some of the funds went to buy more snow blowers. This past winter, she said she was able to offer jobs to 80 people, where before she only had two full-time workers and 10 part-timers.
Gye encourages small business owners to go through the Chatham Business Association. She described going directly to a bank for a loan as "difficult."
The association has been chosen and trained as an affiliate micro-lender by the city of Chicago Micro-lending Institute. The organization is now able to help the business community by offering loans up to $25,000. The initiative is supported by a bank, but not run by a bank.
Its upcoming micro-lending day is from 9 a.m. to 3 p.m. Thursday at the association office, 800 E. 78th St. Light breakfast and lunch will be provided.
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