How Microloans Help Diversify Cleveland's Small Business Community
Getting a small business off the ground requires time, patience, and money. Aspiring entrepreneurs with limited means often struggle to get funding for their ventures, but one non-profit is trying to help.
The Economic and Community Development Institute has awarded more than four hundred loans here since 2012.
It recently received a major grant money from Wells Fargo to make more microloans and diversify its investment portfolio.
To hear how ECDI chooses recipients and tries to stimulate economic growth from the grassroots up, ideastream's Rick Jackson spoke with Danielle Sydnor, ECDI's Northeast Ohio executive director, and Sha Johnson, who launched his barber and beauty shop with a loan from the group.
Danielle Sydnor; Economic and Community Development Institute Executive Director of Northeast Ohio
Sha Johnson; Owner of Infamous Barber and Beauty