Justine Petersen Is Recognized as the Nation’s Second Largest Micro Lender
We love when our partners get accolades—especially ones that fund Kansas City businesses.
So we’re pleased to share that Justine Petersen Housing and Redevelopment Corp was recently recognized by the U.S. Small Business Administration as the second largest microlender in the United States. Justine Petersen originated 342 loans to small business owners during the most recent fiscal year.
About Justine Petersen
Justine Petersen came to the Kansas City market in 2011 to help Kansas City microentrepreneurs who need capital to start or grow an existing small business. The goals of the program are twofold: to assist individuals in becoming more bankable either via traditional lending avenues or via the microloan program.
The amount of financing through the microloan program can vary, but in no case can exceed $50,000 through this program. The most typical microloan is in the range of $5,000 to $10,000.
About the SBA
The SBA provides funds to specially designated intermediary lenders like Justine Petersen, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries administer the microloan program for eligible borrowers as well as provide lending and business management assistance.
When applying for SBA microloan financing, borrowers may be required to fulfill training or planning requirements before their loan application is considered. This business training is designed to help small business owners launch or expand their business.