Loan Program Targets Minority-Owned Small Businesses

Posted under: SMB
Date: 2024-01-31
Loan Program Targets Minority-Owned Small Businesses

Del-One Federal Credit Union, the largest credit union in Delaware, is partnering with the Delaware Black Chamber of Commerce (DEBCC) to provide loans to minority and women-owned businesses. The MDE Loan Program, created by DEBCC Founder and President Ayanna Khan, aims to provide loans to women and minority business owners who may not qualify for traditional business loans. Del-One FCU committed $1 million to jumpstart the program, and John Chartrand, Del-One's chief lending officer, said the credit union's aim is always to assist under-resourced community members. To be eligible for the loan program, Businesses must be DEBCC members, have 30 employees, and receive approval from DEBCC and Del-One FCU for commercial loans ranging from $10,000 to $100,000 for assets. Khan, founder of Delaware's National Black Chamber of Commerce, sees the partnership benefiting existing chamber members, with four in the pipeline for the new loan program.