The Role of Oakland County Business Finance Corporation in Supporting Local Businesses
Small businesses are the lifeblood of any community, but they’re often disadvantaged when it comes to securing funding. That’s where the Oakland County Business Finance Corporation (BFC) steps in.
Established in 1980, the BFC is a nonprofit organization that partners with banks to provide businesses with access to loan funds. Over the years, the BFC has invested over $100 million in Oakland County businesses, making it an essential resource for local entrepreneurs.
While the BFC provides various types of financing, its primary focus is on the U.S. Small Business Administration’s (SBA) Loan programs, which offer low-interest rates and favorable repayment terms. The BFC works with banks to provide SBA-guaranteed loans to businesses that might otherwise struggle to qualify.
Beyond financing, the BFC also offers valuable resources such as training and networking events for local businesses. By connecting entrepreneurs with industry experts and helping to improve their business acumen, the BFC helps build a thriving business community in Oakland County.
One notable example of the BFC’s success is Huron Valley Financial, a mortgage lending company in Oakland County. The BFC partnered with Huron Valley Financial to secure an SBA loan, which allowed the company to expand its operations and hire more employees. Thanks to the BFC’s support, Huron Valley Financial was able to grow into one of the largest mortgage lenders in the county.
In summary, the Oakland County Business Finance Corporation plays a crucial role in supporting local businesses by financing and providing resources to entrepreneurs who might otherwise struggle to obtain funding. By partnering with banks, the BFC helps secure loans with favorable terms, while also offering valuable training and networking opportunities. With its track record of success, the BFC will undoubtedly continue to be a valuable resource for the Oakland County business community for years to come.
