Frankie Smith, Licensed Professional Counselor with Transforming Lives Counseling, LLC, recently received a microloan offered through the Ozarks Small Business Incubator (OzSBI) and Thayer Development Improvement Organization (TDIO). Transforming Lives Counseling offers mental health services and is located on the corner of 12th Street and Walker Avenue in Mammoth Spring, AR.
In 2017, TDIO and OzSBI partnered to establish a microloan program for businesses located in Oregon County, MO and Mammoth Spring, AR. Microloans of up to $25,000 are available to qualifying businesses located in Oregon County and the city limits of Mammoth Spring. The goal of the program is to stimulate the local economy by providing startup and expansion loans to new and existing businesses. Microloans may be used as direct loans, seed capital or “gap” financing combined with other lending. The application process is similar to a traditional bank loan application, with good credit and a sound financial plan the main qualifiers.