But there has been a snag in implementation—collateral. With an individually owned business, a small business owner will often pledge his or her home as collateral to secure a loan. But what if you have 100 owners? Are they supposed to pledge 100 homes? And what if they aren’t all homeowners? Enter a workaround from Berkeley, California, that may spawn many imitators. Berkeley is one of more than 520 communities with a revolving loan fund supported by the US Commerce Department’s Econo...
