This week at the York Woods Library Theatre, the
Black Creek Community Micro-Credit Program officially declared itself open for lending. The program in the at-risk community of Jane-Finch aims to provide small loans of up to $5,000 to entrepreneurs with solid business plans who would not otherwise qualify for conventional bank loans.
According to Dr. Barry Rieder, the program's chair, the fund hopes to provide as many as 20 loans to small businesses in its first year of operation. The project, with the support of the
Access Community Capital Fund (recent recipients of a Trillium Foundation grant to support micro-credit programs) and the
Alterna Savings credit union, provides what Rieder characterizes as "character references" and loan guarantees to successful loan applicants. The projects the program funds will create jobs and stimulate the economy in the local community.
The program is a project of the 10-year-old
Black Creek Community Capacity Building Group, an organization set up to build the both the strength and reputation of the Black Creek Community around Jane-Finch, one of the City of Toronto's
priority neighbourhoods.
Writer: Edward Keenan
Source: Dr. Barry Rieder, Chair, Black Creek Community Micro-Credit Program