AUBURN, Ala. (WTVM) – The City of Auburn is partnering with a Birmingham-based nonprofit to provide funding to startups, minority-owned, underserved businesses and other local businesses seeking employment. growth opportunities in the region.
Officials say Saber Finance, a community development finance institution, helps fill the financing gap for high-risk projects that traditional lending institutions may not be comfortable financing.
“We’ve been working to build a more comprehensive entrepreneurial ecosystem in Auburn by adding another funding option for startups and small businesses to get local funding,” said the City of Auburn’s Director of Economic Development, Phillip Dunlap. “A CDFI like Saber will be a major asset to Auburn, closing the gap for some businesses to secure loans that would otherwise be unreachable.”
In addition to funding, the group will also provide local businesses with access to free technical resources, including:
- Individual business advice
- Entrepreneurship and specialized training in the industry
- Professional services such as legal, human resources, marketing, IT and accounting
- Business development and networking events
“Rather than focusing on our success, what makes Saber Finance unique is that we focus on the success of the companies we work with, whether they borrow from us or not,” said Saber Finance CEO Dr. Ray. Morris. “We help businesses at all stages of their life with a focus on growth – local labor market growth, business growth and fund growth, which allows us to increase the total amount available to to lend.”
As a loan loss reserve for Saber’s Auburn Fund, the City of Auburn and the Industrial Development Board both contributed $75,000 and $150,000, respectively.
Saber Finance is located at the Auburn Center for Developing Industries at 1500 Pumphrey Avenue.
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