(Springfield, MA) What do a salon, a fire sprinkler company and a mental health service provider have in common? They’ve all worked with Common Capital to finance and grow their businesses – and now Common Capital has been recognized by the US Small Business Administration (SBA) as the #1 Microlender in Massachusetts, for the second time.
“Congratulations to Common Capital for leading the microlending category in the fiscal year 2022,” said SBA Massachusetts District Director Bob Nelson. “About a quarter of the total microloans approved in the state were produced by Common Capital to help strengthen women, minorities, veterans, and low-income entrepreneurs with vital access to capital and technical assistance support needed to succeed.”
“Microloans – loans for less than $50,000 – are sorely needed by small businesses in Western Massachusetts, especially minority owned businesses,” says Raymond Lanza-Weil, Common Capital’s President. “We provide loans and technical assistance to businesses that can’t access conventional financing. Our microloan program creates jobs and grows our local economy. We aim to do even more in coming years.”
Larshell Curley of Epiphany Glam Studio in Springfield is one borrower from Common Capital’s microloan program. The financing is important, but it’s not the only benefit of working with Common Capital. “I love the fact that they have a lot of resources and that you are not left alone,” says Curley. “You’re not out there just trying to figure it out by yourself, they have someone to help you in any category that you need help in and I love that about Common Capital.”
Common Capital, a subsidiary of Way Finders, is a nonprofit community loan fund based in Springfield, Massachusetts. It provides loans and technical assistance to small businesses in the four counties of western Massachusetts that are unable to obtain a loan from a bank or other conventional source. Any small business in Western Massachusetts that needs help accessing capital can reach out to Common Capital at (413) 233-1680 or at commoncapitalma.org.