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Ten Programs Receive Microenterprise Development Act Funding for 2010


Ten community based microenterprise development organizations will receive funding for services they provide small /micro businesses in Nebraska to help them develop or grow in 2010. Entrepreneurs, self-employed individuals, and micro business entities (5 or fewer employees) may request micro loans, pre- and post-loan technical assistance, and/or training from programs that serve their area.

The Nebraska Department of Economic Development (DED) contracts with the Nebraska Enterprise Fund (NEF), a private nonprofit corporation, to administer, gather data, and report on the use of the Nebraska Microenterprise Development Act funds. NEF’s Investment Committee reviewed applications from programs and recommended funds be provided to ten programs. Program recipients will provide a minimum of 25% match for the funding they receive. In addition, NEF provides a 25% match of the $447,750 awarded. Because of this two-tiered matching, the state’s investment is being multiplied several times.

The ten award recipients and contacts are:
Nebraska microenterprise development organizations served 3,676 participants in the past year with training opportunities or with business coaching or technical assistance. Over $1.2 M in microloans were dispersed during the past year (up 29% from the prior year) and $1.7 M in loan capital from other sources was leveraged through the assistance of microenterprise development organizations. Several program partners have recently enhanced their service venues using technology, for example, the Nebraska EDGE program and Community Development Resources have launched the NxBizSuccess.com website as an online tool kit for small business information and networking. GROW Nebraska has stepped up efforts in utilizing and teaching social media marketing to their members and the REAP program has enhanced their online lending program.

One of the key goals of the Nebraska Enterprise Fund is to make sure small businesses have access to capital. NEF lends to microenterprise programs and community development loan funds that provide capital in helping people grow or sustain their businesses. NEF is launching a guarantee program to work directly with banks in providing small loans to micro businesses across Nebraska. NEF’s loan funds come from a variety of sources including US Bank, Wells Fargo Bank, First National Nebraska CDC, Great Western Bank, the Community Development Financial Institutions Fund of the US Treasury, US Small Business Administration and the State of Nebraska.

For more information contact the Nebraska Enterprise Fund at 402-685-5500 or nef@nebbiz.org.