The Missouri Women’s Business Center officially launched its microlending program on Wednesday evening, with the backing of a substantial $839,000 grant from Upward Momentum. The funds were awarded to its parent organization, Central Missouri Community Action (CMCA), and will provide crucial support for small business owners in mid-Missouri.

Jayme Prenger, Director of the Missouri Women’s Business Center, expressed enthusiasm for the new initiative, noting that the grant will enable the hiring of a capital access program manager to oversee the microlending program. “This program is designed to help ease the fears of small businesses stepping into a bank to secure a loan,” Prenger said. “We are committed to providing not just financial support but also guidance and education to help businesses succeed.”

For years, the Missouri Women’s Business Center has been offering coaching and resources to help business owners navigate financial challenges. The center has assisted small businesses with compiling necessary documentation for loans and providing training on personal finance and business operations. The new microlending program will build on these efforts by offering tailored financial products alongside continued coaching and counseling.

Darin Preis, Executive Director at CMCA, emphasized the holistic approach of the new program: “Any time we offer assistance, it comes with coaching, counseling, and guidance to ensure the success of the business owner.” The program will operate in collaboration with the Financial Opportunities Center, another division of CMCA, to provide comprehensive support on both personal and business finance.

“This is something CMCA has been working towards for several years, and we’ve run a few test programs,” Prenger added. “We truly believe this iteration will make a lasting impact.”

The additional funding from Upward Momentum will allow the Missouri Women’s Business Center to extend its services across eight counties in mid-Missouri, broadening the reach of its microlending and business support programs. By focusing on both financial access and education, the center aims to empower more entrepreneurs to achieve long-term success in their ventures.

The new microlending initiative marks a significant step forward in providing resources for small businesses, especially those owned by women, in underserved communities.