In a city where traditional lending channels can overlook aspiring business owners from underserved communities, the Tulsa Initiative is changing the narrative around access to capital. The Fayetteville-based nonprofit has worked to expand its mission beyond education and mentorship to include direct financial support through a new micro-lending initiative designed to bridge the gap for entrepreneurs who struggle to secure conventional financing.
Their new Tulsa Capital Accelerator (TCA) Micro Lending Program offers loans ranging from $500 to $10,000, specifically targeting entrepreneurs who may lack the credit history, collateral or established banking relationships typically required by traditional lenders.
“These entrepreneurs might not have the creditworthiness that banks would like to see,” said Qu’Derrick R. Covington, board chair of the Tulsa Initiative. “They can come to us for help getting their business launched.”…