In 2004, the ECDI was established in Columbus as a start-up itself. According to founder and CEO Inna Kinney, the ECDI is a “one-stop shop for startups and the expansion of businesses.”

Speaking the language of green
As the daughter of Russian immigrants, Kinney is no stranger to adversity. Hers was the first Jewish family to immigrate to Columbus from the former Soviet Union in March, 1974. Although her family of five lived in low-income housing in Columbus, her father embarked on what has been an incredibly successful career in the pawn shop trade. “I had always been around people who had dreams of owning their own businesses,” she said.

Kinney’s reasons for creating the ECDI are simple. “I saw a real gap, both in education and building a business from the ground up, [so} we started a micro-loan organization,” she said. Today, however, the ECDI does not limit itself to merely capitalizing startups as more than half of the enterprises with whom they work are established, yet “still needing capital,” she said.

Loans range from $500 to $350,000, and grants are even available to qualifying recipients. The average loan is $28,000.

According to Kinney, the ECDI is the seventh largest micro-loan intermediary lender in the United States. It is partnered with 36 loans funds, such as the Small Business Administration, the Department of Treasury, HUD, the State of Ohio and, of course, with banks. In the fiscal year ending in June, 2013, the organization lent $2.6 million to startups and entrepreneurs.

Now in its tenth year, the ECDI projects lending to breach the $4 million mark this year.

What ECDI does
“Unlike banks, our mission is to help create jobs and encourage entrepreneurship,” said Kinney, noting there is no penalty when borrowers repay their loans early.

Staffed by upwards of 48 full-time staff and a handful of part-timers and contract employees, the ECDI not only lends money to qualified entrepreneurs and those wanting to be, it also educates borrowers about the ABCs of running a business. In fact, classes on various business-related topics such as how to run a company, train a staff, rent space and more are required of borrowers.

Two years ago, the ECDI expanded to Cleveland and eight months ago, to Toledo. The organization is “looking to expand to other markets, even if we don’t place an office” in a particular city. She noted online training is also available to borrowers, so location is not a barrier to doing business with ECDI.

Meanwhile, the ECDI isn’t one to rest on its laurels. According to company co-founder and General Counsel Steve Fireman, the organization has two major initiatives scheduled for 2014. One is a Women’s Business Center, which offers a “different way to access our services. Women can also use the space to work in,” he said. Business equipment, classes and mentoring are all available to members who pay the annual dues of $25.

A part of that initiative is a 5,000 square-foot mixed-use warehouse for current and future clients seeking to access the ECDI staff for advice and mentoring.

In Spring 2014, the ECDI will kick-off another service to support entrepreneurs. Titled the Retail Incubation Supporting Entrepreneurs (RISE), the retail-specific class curriculum will educate small business owners on the rigors of owning and maintain a retail space. Fireman said he’s thrilled the ECDI has partnered with Franklin County commissioners, the governing body of one of Ohio’s largest counties. Columbus, the state capital, is located in Franklin County.

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Tami Kamin Meyer is an attorney and writer in Columbus, OH