OCALA, FL – (352today.com) – The Ocala Metro Chamber and Economic Partnership (CEP) has established a new opportunity to address the growing need for small business capital and support.
They say the new organization and its loan offerings will complement the existing entrepreneurial programs they offer.
The Ocala Metro Catalyst Fund, Inc. (OMCF) is an independent 501(c)(3) nonprofit organization.
They say the primary mission is to promote programs and initiatives that increase access to money to get small businesses going in areas and for people who previously thought being a business owner wasn’t achievable.
Those areas include Marion Oaks, Silver Springs Shores, and West Ocala.
The Catalyst Fund will offer nano loans and other financial products in 2024 to help entrepreneurs start and grow their businesses.
Nano loans can be used to launch new businesses by covering early-stage expenses such as:
- business formation costs
- incorporation fees
- licensing and permitting fees
- professional services
- set-up costs relating to business branding/marketing
The CEP Foundation provided the initial seed money for the fund.
“The CEP’s mission is to be the catalyst for a prosperous community. The creation of the Ocala Metro Catalyst Fund furthers this mission by increasing access to capital in our targeted communities, ensuring everyone has the opportunities for success,” says Kevin Sheilley, CEP President & CEO.
The OMCF is also in the application stage to receive Community Development Financial Institution (CDFI) certification from the Department of Treasury that will allow it to provide loans to low-income individuals and their businesses in economically distressed communities.
To qualify for a loan from the Catalyst Fund, applicants will be required to graduate from a 10-week FastTrac program which the CEP says helps entrepreneurs take their idea or start-up and craft a solid business plan. The CEP offers the course at no charge to the community.
For more information including how to apply for opportunities, visit the OMCF website.