Redstone joins forces with non-profits to offer business microloans


(August 8, 2018) Orlando Pitts says he started Office Pride Commercial Cleaning Services with a vacuum cleaner, mop and bucket, and a dream. A $5,000 microloan would have been a great help at the time.

Redstone Federal Credit Union, The Catalyst Center for Business & Entrepreneurship and Neighborhood Concepts announced Monday that microloans are now available for startups, early stage businesses, and established small businesses.

The loans are available in the amounts of $5,000 to $25,000. Redstone will provide the funds, Neighborhood Concepts will make the loans, and The Catalyst will provide loan support services before and after the loan is made.

Five years later, Orlando and his wife Tawanda, own a thriving business with 78 employees. The entrepreneurs came out Monday to celebrate the microloan announcement, saying “this will really meet the needs of small business owners.’’

“Small businesses make up 94 percent of the companies in the Huntsville metro area. Many of these are small shops and start-ups that need immediate access to microloans to stay afloat until the next big order or contract comes through,” said Joe Newberry, Redstone’s president and CEO. “Redstone is proud to partner with these two non-profits to provide that much-needed funding boost and give these businesses a better chance at success.’’

John Thornton, Loan Fund Manager at Neighborhood Concepts, said that neither his organization nor The Catalyst could operate the microloan program without Redstone. “This partnership will mean much more visibility in the marketplace for our loan fund and we welcome the small business coaching and training The Catalyst will provide.’’

Catalyst CEO Joanne Randolph said, “There is a gap in funding for startups and early stage businesses. This microloan program will fill that gap---it’s just what a lot of our clients need to get started or grow to that next level.”

To learn more, contact The Catalyst at 256-428-8194 or info@catalystcenter.org.

About Redstone: With more than $4.7 billion in assets, Redstone Federal Credit Union is the largest member-owned financial institution in Alabama and one of the 16 largest federal credit unions in the nation by assets. Based in Huntsville, Alabama, Redstone Federal Credit Union serves 419,000 members. Chartered on November 28, 1951, Redstone Federal Credit Union has proudly served its members in the Tennessee Valley area for 67 years and has 26 conveniently located branches across North Alabama and Tennessee. Redstone Federal Credit Union provides a level of service that is not generally available at other financial institutions through its philosophy of - People Helping People.