Do You Need A Micro Loan? Our Lady of the Lake Parish Microloan Program Helps Small Businesses in the Community!

Micro-loan cohort members celebrating together.

Our Lady of the Lake Parish Microloan program provides recipients with small loans of up to $2,000 that are repaid in monthly installments over a one-year period.  Recipients also work and meet with a cohort of parishioners and other loan recipients who mentor and support them over the period of their loan.  The result can be a perfect union for both the recipient and the community as we are all better off supporting small community businesses.

To be Eligible for a Microloan, Applicants must:

*Be 18 years of age or older

*Live or do business in Euclid or North Collinwood

*Have a specific idea for starting or growing a small business

*Commit to participating in the program, which includes attending monthly cohort meetings.

The Microloan Program began in 2016 with a mission of providing modest financial assistance to people who want to start or grow a small business, but are without traditional sources of capital.  Since then, 12 loans have been made to a wide range of businesses. These include retailers, a thrift shop, urban clothier, grocery, heath and beauty store as well as businesses offering varied services such as commercial cleaning, alterations, children's entertainment and parties and hair extensions and wig cleaning.

The Microloan Program of Our Lady of the Lake and Fr. Joe Fortuna won the Harry Fagan Organizational Award from the Catholic Commission of Cuyahoga County and was presented the Award at the Peace and Justice Awards Luncheon on June 13, 2019 for demonstrating a strong and active commitment for social justice and for being a positive force for systematic change in the community.

To learn more about the program or to begin the application

process, contact Fr. Joe Fortuna at 216-486-0850 or joe@olleuclid.org.