Commerce Lexington is proud to announce a significant milestone for its Access Loan Program, which has now facilitated over $25 million in loans to support small businesses across the Greater Lexington region. Since its inception in 2001, the Access Loan Program has been instrumental in fostering economic growth and enhancing business opportunities for minorities, women, and small businesses.
The Access Loan Program provides easier access to financing and valuable business advice, empowering entrepreneurs to start or expand their businesses. Through partnerships with other local chambers and economic development agencies in 19 counties, the program boasts partnerships with 26 lenders who participate and support the program’s mission to empower and foster diverse economic growth.
Tyrone Tyra, Senior Vice President of Community and Minority Business Development at Commerce Lexington, expressed his excitement about reaching this milestone: “Surpassing $25 million in secured loans is a testament to the commitment and collaboration of our partners, volunteers, and the small business community. This achievement underscores our dedication to supporting the entrepreneurial spirit and economic vitality of the region. We look forward to continuing our mission of empowering diverse businesses and fostering inclusive growth.”
In addition to helping businesses secure more than $25 million in loans to support business growth, Commerce Lexington’s Access Loan program has a proven framework that was put to use in 2020 and 2021 by managing the city’s Small Business Economic Recovery programs. In that time frame, the program distributed approximately $6.9 million to local small, minority-owned, and women-owned businesses, helping businesses stay afloat during one of the most challenging economic periods in recent history.
The Access Loan Program’s success is made possible through the support of numerous partners, including its Presenting Sponsor, Toyota Kentucky, and a robust network of local banks and development corporations. These partnerships ensure that entrepreneurs receive the resources and guidance needed to succeed.
For more information about the Access Loan Program, please contact Tyrone Tyra at 859-226-1625 or visit: https://locateinlexington.com/minority-business-services/access-loan-program/
Members of the Access Loan Program Sub-Committee receiving the Volunteer of the Year award (2021).
