[Congressional Record Volume 143, Number 89 (Monday, June 23, 1997)]
[Senate]
[Page S6058]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  SMALL BUSINESS LOANS FOR INNER CITY

  Mr. ALLARD. Mr. President, recently, the Rocky Mountain News reported 
on a new program in Colorado, the Community Entrepreneurial Program, 
which provides small business loans to inner city Denver entrepreneurs.
  The Community Entrepreneurial Program uses private and nonprofit 
funds, not government money, to fund these micro-loans. It is part of 
an international effort to set up small businesses around the world, 
Enterprise Development International, headquartered in Arlington, VA.
  As we continue to find ways to help people help themselves, this 
program is leading the way in helping individuals with the initiative 
and drive to start a small business.
  To quote Wil Armstrong, a Denver business leader who is very active 
in the Community Entrepreneurial Program, ``We're backing one little 
business at a time, trying to make a difference for just one person or 
one family at a time.''
  I ask unanimous consent that the Rocky Mountain News story be printed 
in the Record.
  There being no objection, the article was ordered to be printed in 
the Record, as follows:

              [From the Rocky Mountain News, May 25, 1997]

                      Micro-Loans Aid Denver Poor

                             (By Al Lewis)

       Micro-loans have long been heralded as a solution to Third 
     World economic woes. Now a handful of micro-lending 
     organizations are bringing them to Denver.
       ``We call ourselves the investment banker to the ghetto,'' 
     said Stephen Rosenburgh, chief executive officer of 
     Arlington, Va.-based Enterprise Development International.
       ``We seek to enable the poorest of the poor.''
       Since 1985, his group has helped 660,000 people set up 
     small businesses around the world. It has helped first-time 
     entrepreneurs purchase everything from rickshaws to trucks, 
     hand tools to laptops.
       Now the group is contributing to a $240,000 loan pool that 
     will finance small start-ups in low-income areas of Northeast 
     Denver.
       The Community Entrepreneurial Program, launched last week, 
     will make 16 to 20 loans of up to $15,000 to entrepreneurs in 
     the Whittier, Five Points, Park Hill and City Park East 
     neighborhoods, said Bill Bridges of Belay Enterprises.
       ``A lot of inner-city people find it hard to connect with a 
     bank,'' Bridges said. ``But with welfare reform on the 
     horizon, home-based businesses and self-employment are going 
     to become very important.''
       Belay received $20,000 from Enterprise Development 
     International to launch the program. it also received $20,000 
     from Agape Christian Church, Church in the City, Jubilee 
     Community Church and Loving Saints Christian Church; and it 
     received $40,000 from a statewide organization called 
     Colorado Capital Initiatives.
       The $80,000 from the various groups will be used to secure 
     $240,000 worth of loans from Northwest Bank Colorado.
       The three-year loans carry interest rates of just one point 
     above the prime lending rate.
       They will help start businesses ranging from painting and 
     carpentry contractors to home-based medical billing and 
     mortgage brokerage services, Bridges said. Loan candidates 
     will be referred by participating churches.
       Micro-lending programs like Belay's may be the wave of the 
     future for corporate charity.
       Business people sometimes scoff at the idea of a handout, 
     but they are usually happy to donate money to programs that 
     cultivate an entrepreneurial spirit in beneficiaries, 
     Rosenburgh said.
       They also offer their time and expertise.
       ``I want to use business in a way that impacts others,'' 
     said Wil Armstrong, vice president of Cherry Creek Mortgage 
     Co. Inc.
       Armstrong, who once volunteered at Mother Teresa's home for 
     the destitute in India, is director of Enterprise 
     International. His father, former Colorado Republican Sen. 
     William Armstrong, serves on the group's international 
     advisory board, which is chaired by Jack Kemp.
       ``Mother Teresa was out to change the world for one person 
     at a time,'' Armstrong said. ``In a lot of ways, that's what 
     I believe Enterprise does. We're backing one little business 
     at a time, trying to make a difference for just one person or 
     one family at a time.''

  Mr. ALLARD. I suggest the absence of a quorum.
  The PRESIDING OFFICER (Mr. Enzi). The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. SESSIONS. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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