An SBA Community loan from LISC helped to fill a financing gap in order to purchase a neighborhood corner store in Philly.
SBA Community Advantage Loan
After successfully managing neighborhood variety stores in the Philadelphia area for 10 years, Sung Rae Roh was ready to run his own business. When the owner of a local variety store decided to sell his business, Mr. Roh and his wife jumped at the chance to purchase it. A Community Advantage loan from LISC allowed the Roh family to fill a financing gap in order to purchase the business.
Developed by the Small Business Administration (SBA), the Community Advantage program allows mission-oriented lenders like LISC to make SBA loans with flexible underwriting standards to underserved small businesses. Community Advantage specifically serves small businesses that might otherwise have difficulty finding appropriate financing, including those located in low-to-moderate income communities, veteran-owned businesses, and startups that have been in business for fewer than two years.
Now, the Rohs own a variety store along a busy commercial street in West Philadelphia, where they sell assorted goods to community residents at affordable prices.