REDC Community Capital Group, Inc. (REDC), a licensed lender for the U.S. Small Business Administration (SBA) and a certified Community Development Financial Institution (CDFI) of the U.S. Department of the Treasury announced the kick-off of a promotional campaign to increase the flow of credit and capital to small businesses in the Richmond/Petersburg MSA. The campaign will target start-ups, as well as more seasoned businesses having annual revenues up to $6.5 million and experiencing difficulty in obtaining credit. Under the organization's various loan programs eligible businesses can obtain financing for start-up or expansion, and the purchase and rehab of "owner-occupied" commercial properties and machinery and equipment.

REDC recently received a $1 million grant from the CDFI Fund, which is the largest grant ever awarded to the organization, during its fourteen-year operating history. "Funds from the grant and ongoing funding from the SBA allow the organization to more effectively serve as a "one-stop-shop" financial intermediary for small businesses unable to obtain or qualify for traditional bank financing in low-wealth and investment-stagnant communities of the MSA, said Stephen J. Schley, President & CEO." Since inception of lending activities in 1996, REDC has provided financing to 713 such small businesses aggregating over $30.2 million, which has created/retained over 5,200 jobs in Central Virginia. As a licensed 504 Certified Development Company (CDC) by the SBA, REDC has the capacity to lend up to $4 million for manufacturing concerns, and lesser amounts for other types of businesses. As a Micro lender for the SBA, it can provide start-up or working capital loans up to $35,000 to newly-formed small businesses. REDC has offices in Richmond and Petersburg making it conveniently located to small businesses in the MSA.

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