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 September 30th ended another record
year for CEF. For FY 2004 CEF loaned $1,835,700 in 73 loans for an
average sized loan of $25,150. These figures help show our niche in the
lending industry: small loans banks can't do that make a big difference
to business owners.
While we will continue to do the $1,000 microloans, CEF has
expanded to offer larger amounts. "This past year we have been
receiving requests for bigger loans." said Lewis Hagler, Director of
Operations. "Since our loan size limit increased to $150K, we are
tapping into a new, underserved market." Last year's average loan
size increased by 19% over 2003's average. Other notable facts for the
year show that 64% of loans went to low income business owners and 26%
went to minorities. Banks continue to be our biggest referral source, and
we are co-lending with banks on many of the larger deals.
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