LITTLE ROCK, Ark. (AP) - The Arkansas Economic Development Commission says it's guaranteed the first loan through a program aimed at promoting the development of minority business enterprises in the state.
The commission says the first loan through the minority business loan mobilization revolving loan fund went to Gladden & Metz, Inc. The Bryant-based company provides medical and safety supplies. The commission says the company started out in a home office and will use the loan to expand its space.
The program guarantees up to 90 percent of loans from $10,000 to $100,000 made to qualifying small and minority businesses.
The commission's executive director, Grant Tennille, says small business is "the backbone" of Arkansas' economy and that the commission is proud to help the companies obtain financing.
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