Loans Available To Boost Business
Loans Available To Boost Business Save Email Print
Eastern Omaha targeted
Posted: 6:09 PM Aug 13, 2008
Last Updated: 10:11 PM Aug 13, 2008
Email Address: sixonline@wowt.com

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How to bring new business to northeast and southeast Omaha and help existing businesses expand has been an ongoing issue. The problem is always money. Three banks have a solution.

The Omaha Small Business Network already helps 41 businesses in a small section of northeast Omaha. Because the need is much greater, three banks, First National, Security National and American National are creating a micro-loan program with the network.

In all, $875,000 is now available for business loans.

Step inside Jim's Rib Haven at 38th and Ames and the delicious aroma immediately envelops you. The flavor of hickory-smoked ribs and turkey saturates the air. The food is so popular, owner Lois Thompson wants to get another location cooking.

"I've always wanted to have a little bit bigger and better place, I'd still like to keep this location, but I'd still like to have a sit down."

And there's always those needed repairs. "We need to get a new smoker, do some things on the outside of our building on the lot." But just like the perfect barbecue, all that takes just the right ingredients, in this case money.

That's where some local banks and the Omaha Small Business Network can help. "We kind of sat down with the banks and tried to decide how can we have a loan pool that will allow small businesses to get started in this area and serve more people," says Vicki Wilson with the Omaha Small Business Network.

This new program will help businesses like Jim's Rib Haven as well as southeast Omaha businesses. Start-up businesses also qualify.

"Anytime you have an area of the community that's struggling, it affects the community as a whole and to make north Omaha stronger and south Omaha stronger, it's going to benefit the whole city," says Wilson.

Thompson likes the idea of adding jobs in her community and a few more slabs of ribs to her growing business. "I'm really looking forward to getting this loan because I want to grow, I just want to grow."

Businesses can borrow up to $35,000. The loan carries a six-percent fixed interest rate and must be repaid within six years.

Businesses seeking loans must go through the Omaha Small Business Network at 24th and Lake and the existing business or new business must be located east of 72nd to the Missouri River, north and south.

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Posted by: Pat on Aug 14, 2008 at 09:47 PM
The reason why they wont grant loans in low income areas is because how businesses fail within a year in those areas. I agree with Anonymous and Steve its discrimination.

Posted by: Anonymous on Aug 14, 2008 at 04:48 PM
Jamie, I got my financials in order, I just dont live in the right part of town

Posted by: Mark on Aug 14, 2008 at 11:45 AM
This could do more harm than good. They should only loan to pepole with a good busniess plan. It's difficult for a small busniess with a lot of debt.

Posted by: Steve on Aug 14, 2008 at 08:47 AM
I agree ANONYMOUS. This is a clear sign of discrimination against those who aren't shooting eachother in the streets!!!

Posted by: Jamie on Aug 14, 2008 at 08:22 AM
Anonymous, It's to help get run down areas up and running again so that there is less crime etc... A lot of banks won't grant loans for start ups in low-income areas. That's a non-issue in other areas of the city. If you want a business loan to open up a business elsewhere, get your financials in order and apply for one.

Posted by: Anonymous on Aug 13, 2008 at 08:06 PM
This makes me so made. Why cant decent people get a small business or even a job. Oh I get it, if you dont live or want your business in north or south omaha, then forget it.

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