Knoxville Area Urban League looks to help small businesses

Knoxville Area Urban League looks to help small businesses

Posted:
The Knoxville Area Urban League earned a new certification Wednesday that means major help for local small businesses. The Knoxville Area Urban League earned a new certification Wednesday that means major help for local small businesses.
Mayor Madeline Rogero says it will go a long way towards economic development for the city, especially when it means the possible creation of new jobs as a result. Mayor Madeline Rogero says it will go a long way towards economic development for the city, especially when it means the possible creation of new jobs as a result.

By HAYLEY HARMON
6 News Anchor/Reporter

KNOXVILLE (WATE) - The Knoxville Area Urban League earned a new certification Wednesday that means major help for local small businesses.

The KAUL announced its new community development financial institution, or CDFI, certification at its annual membership breakfast in downtown Knoxville.

It's a designation they've been working to get for more than two years from the U.S. Treasury.

The certification means the Urban League can now bring money into Knoxville that will be used to help area small businesses that need it most.

"We always wanted to create something that was sustainable to support small businesses," said Phyllis Nichols, president and CEO of the Knoxville Area Urban League.

Firstly, the money will fund entrepreneurship training and technical support for the businesses.

Secondly, the Urban League can now lend money to small businesses to help support them or get them off the ground.

"As we all know, small businesses are the lifeblood of the American economy, all across the country and especially in communities like Knoxville," said Nichols.

The City of Knoxville worked with the Urban League on getting the CDFI certification.

Mayor Madeline Rogero says it will go a long way towards economic development for the city, especially when it means the possible creation of new jobs as a result.

"They have a track record of being able to do this and through the CDFI, they'll be able to expand it and make even more good things happen," said Rogero. "Whenever you help businesses start up or expand, you're talking about creating jobs."

"We are creating jobs, and we know that is the thing that's needed in this area right now," said Nichols.

Small businesses interested in finding out more about the money can contact the Knoxville Area Urban League at 865-524-5511 to find out how to qualify.

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