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Boston mayor announces microloans serviced by CU
BOSTON (2/27/09)--Boston Mayor Thomas Menino announced a new microloan fund--serviced by Tremont CU--for small businesses located within the City’s Empowerment Zone (EZ). The $350,000 fund is geared to help existing small businesses and eligible entrepreneurs with access of up to $25,000 in loans for working capital needs such as leasehold and inventory improvements (US Fed News Feb. 26). EZ businesses with annual revenues less than $500,000 can apply for financing through the program for loans ranging from $5,000 to $25,000. The loans have a 9% fixed-interest rate. Boston’s EZ is a 5.8 square-mile area, consisting of roughly 60,000 residents--about 10% of the city’s population. Tremont CU, based in Braintree, Mass., has $173.1 million in assets.
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