Phillips Area Micro-Loan Program exists to help local businesses

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PHILLIPS – Looking to start a new business or expand the one you have, and are in need of funds? In need of some capital to jump start your business after the damage of COVID? If your business, or one that you want to start, is or will be located in the towns of Phillips, Avon or Madrid, you may be eligible for an affordable low-interest loan through the Phillips Area Micro-Loan Program. You do not need to reside in one of these towns, your business just needs to be located there.

In an effort to create new business and retain jobs in these towns, this Program exists to help applicants work through a process to assist them in their success. All applications and related information provided by applicants remains confidential. Loans may be requested for as little as as $2,500 or as much as $25,000. Loans may be used to acquire real estate, business equipment, building construction or renovation, etc. Loans can be used by home based businesses, cottage industries or home occupations as well as storefront operations.

This Program has been in operation since 1994 and many businesses have been successfully helped. The original funds were received under the Community Development Block Grant program. Over the years the funds have been loaned out and repaid by the borrowers, and the committee oversees the loaning of the current funds.

The Phillips Area Micro-Loan Committee would like your business to be included in that list of success stories. For more information call Maureen Haley at the Phillips Town Office at 639-3561.

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