In Louisville, eight Black-owned small businesses have each been given a $25,000 line of credit as part of a program launched by Amped in conjunction with Republic Bank.
Amped is a nonprofit business coaching organization and the credit lines they have arranged for these businesses are the result of a local effort to increase access to business support and capital. Credit lines are offered without the need for collateral but with business support such as mentorship and coaching to assist entrepreneurs in managing their enterprise’s growth.
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Amped made the arrangement with Republic Bank for access to the $25,000 of credit given to each of the participating businesses along with ongoing coaching. In a recent signing ceremony where local Louisville officials and leaders of the business community were present, the eight business owners signed the paperwork to receive their financing.
The organizers of the credit-line program say they intend to provide Black business owners, via a mix of capital and coaching, the financial resources and business management tools to compete and prosper in Louisville’s economy. Recipients vary in how they say the think they will use the support with some saying they will expand their operations, improve their financial management and invest in marketing.
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