Managing Money :: Microloan is big help for small businesses

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Released: August 30, 2010

Microloan is big help for small businesses

Source: April H.Lee, LA Times (Free Registration)

Like many small businesses caught in the worst economic crisis since the Great Depression, Tri-State Biodiesel was struggling to find capital last year, in the middle of a credit crunch.

The Bronx company, which converts used cooking oil from restaurants around New York City into fuel that it then sells, was in dire need of an equipment upgrade.

When President Obama signed the American Recovery and Reinvestment Act into law in February 2009 to create jobs and promote spending, the law included $56.1 million for microloans to small businesses, to be doled out through the Small Business Administration through September.

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