The Women’s Organization for Mentoring, Entrepreneurship & Networking, headquartered in the Akron Industrial Incubator at Canal Place, is almost finished gathering a second round of funding for its microloan program.
The last of the first round of money, $150,000 loaned by the U.S. Small Business Administration, was loaned out last year by the organization to entrepreneurs. The new round of money for microloans consists of $400,000 from various sources.
While the latest round of funding is nearly in place, says acting director Carrie Herman, “We’re probably a couple months away from fielding loan applications,” since the organization is hunting for a new leader.
The group was formerly known as the Womens Entrepreneurial Growth Organization of Northeast Ohio.