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Inclusiv announced the launch of Business Forward, a new small business lending initiative designed to expand access to capital for underserved entrepreneurs across New York State. Backed by a $5 million investment from Empire State Development through the State Small Business Credit Initiative (SSBCI), the program aims to connect small businesses with affordable loans through Community Development Financial Institution (CDFI) credit unions.
Business Forward offers loans ranging from $50,000 to $500,000 to New York-based businesses in historically marginalized communities. Applicants will be matched with Inclusiv’s partner CDFI credit unions, known for providing safe and accessible financing alternatives to traditional banks.
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“CDFI credit unions are the perfect lending partners,” Inclusiv said in its announcement, “as they are already providing safe, affordable financing options for communities historically left out by traditional banks.”
Inclusiv has partnered with Member Business Financial Services (MBFS) to manage the loan process. Over time, Inclusiv said it plans to purchase more than $15 million in small business loans from participating credit unions, freeing up capital so they can serve even more entrepreneurs.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
