Citizens Bank has given the Economic and Community Development Institute a $1 million line of credit for small businesses and entrepreneurs in Ohio. The loans, ranging from $500 to $350,000, will be aimed at new and expanding businesses.
CLEVELAND, Ohio -- Citizens Bank has given the Economic and Community Development Institute a $1 million line of credit for small businesses and entrepreneurs in Ohio.
The loans, ranging from $500 to $350,000, will be aimed at new and expanding businesses.
ECDI often lends money to small businesses that may not be able to qualify for traditional loans.
Launched in 2004, ECDI is a nonprofit Small Business Administration lender throughout Ohio. It has lent more than $25 million to more than 1,200 businesses, leading to the creation and retention of more than 4,500 jobs, said Citizens, which has a significant presence in Greater Cleveland and is based in Rhode Island. Citizens is the former Charter One locally.
ECDI is the SBA's fourth-largest micro-lender in the United States.
"At Citizens Bank, we understand that small businesses are driving more than 65 percent of new jobs created in the United States. By partnering with ECDI, we hope to help even more entrepreneurs and small business owners launch in Ohio," said Joseph DiRocco, president of Citizens Bank in Ohio.
"The Economic and Community Development Institute highly values its partnership with Citizens Bank," said Inna Kinney, CEO of ECDI. "Both ECDI and Citizens are working to promote entrepreneurship and financial literacy as well as create sustainable jobs and businesses for Ohio residents."
Citizens also works with ECDI to provide financial literacy training and technical assistance to small businesses in the Greater Cleveland and Akron areas.
People who are interested in applying for a loan through ECDI can go to: