MECHANICSBURG, Pa. — It's probably no surprise that business owners frustrated with being turned down for funds to keep their companies afloat are turning to non-traditional lenders.
Omar Shute is the executive director of the Cumberland County Economic Development division, which administers the Cumberland Small Business Fund, an initiative that helps micro businesses. The $1.5 billion Members 1st Federal Credit Union recently donated $20,000 to the loan program, which currently has $150,000 available to borrowers.
So far, demand for CSBF loans has been "pretty steady" given the reluctance by some lenders to issue credit or capital to small businesses, Shute said. He predicted that loan requests will pick up.
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