Greater Cedar Rapids Community Foundation Honored In D.c. For Micro Loan Program

CEDAR RAPIDS — The Greater Cedar Rapids Community Foundation was honored Monday in Washington, D.C., for a loan program aimed at helping entrepreneurs and small businesses achieve their goals. U.S. Department of Housing and Urban Development Secretary Ben Carson and the Council on Foundations awarded the Cedar Rapids group the Secretary’s Award for Public-Philanthropic Partnerships for its collaborative MICRO loan program.The program offers small businesses and entrepreneurs loans ranging from $1,000 to $10,000, to be paid off in up to three years at a 4 percent interest rate.The program has made 11 loans since it began in 2015, said Les Garner, president and CEO of the Greater Cedar Rapids Community Foundation.Local entrepreneurs approached Garner a few years ago about opportunities for private philanthropy to play a role in aiding small businesses and entrepreneurs, Garner said.The MICRO loan program resulted from those efforts and has evolved into a partnership between public and private entities.Garner said he anticipates the award will bring visibility to the program.“ ...