And Loans Table of Contents
Unconventional Loan Programs Top
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Unconventional Loan Programs TopThe following is a description of loan programs available to low and moderate income individuals, minorities, Native Americans, Hispanics, refugees, unemployed individuals, welfare recipients, youths, and low and moderate income individuals who don't qualify for credit through conventional methods. Most of these programs allow individuals (depending on the situation) to roll closing costs and fees into the amount of the loan. So you actually go to the closing with NO money in your pocket. The aim of these programs is to stimulate economic growth through small businesses or microenterprises. Helping individuals become self‑sufficient is the main focus, and also to challenge conventional methods of providing credit. All of the programs hope to demonstrate that persons with limited incomes are responsible, will repay, and can become successful if given access to knowledge and resources.
* SBA Microloan Program Birmingham Business Resource Center 110 12th Street North 205‑250‑638 Birmingham, AL 35203 Fax: 205‑250‑6384 E‑mail: bbrc@mlinenet.net Generally this loan is open to any micro business, but it has mainly served minorities and women owned businesses. Attendance of monthly peer group meetings for technical assistance is required. The loan can be up to $7,5C with the interest rate at 10 to 13 percent. The term is determined by each case, but generally from 12 to 24 months. This is for the Jefferson County
* Borrowers' Circle Self‑Employment Loan Fund, Inc. 602‑340‑8834 201 North Central Avenue, Suite CCIO Fax: 602‑340‑8953 Phoenix, AZ 85703 TDD: 800‑842‑4681 E‑mail: Self‑Employment@Juno.com SELF offers assistance for those just starting a small business or that have been operational for less than six months. They use a peer lending system with a group of graduates that review the loans. Initial loans are up to $1,000 with 12 months to repay. Subsequent loans can be up to $5,000 with as many as 24 months to repay. Funding is through the U.S. Small Business Administration's Office of Women's Business Ownership, the City of Phoenix, corporations, foundations and Arizona banks. * Small Business Loan PEEP Microbusiness and Housing Development Corporation 1100 East Hao Way, Suite 209 520.806‑9513 Tucson, AZ 85713 Fax: 520‑806‑9515 This loan targets minority women and low‑income small business owners. It is specific to the Rural Central and Southern Arizona areas. The loan is for $500 to $25,000 and the term is 60 months. It can be used for inventory, supplies, equipment and fixed assets. Arkansas * The Good Faith Fund (GFF) ‑ Peer Group Loan Program The Good Faith Fund (OFF) 2304 W. 29th Ave. 870‑535‑6233 Pine Bluff, AR 71603 Fax: 870‑535‑0741 GFF's peer‑lending program is for new and emerging entrepreneurs and operates much like a community based credit union, with OFF providing the loan capital. Members join peer‑lending groups, which consider and approve small business loans for their fellow member entrepreneurs. First time borrowers are eligible to borrow up to $1,200. In a "Stair‑step" loan process, borrowers may secure loans of up to $7,500. Loan representatives assist interested borrowers in preparing their loan request, including cash flow projections indicating that the proposed loan use will produce increased sales and ensuring that the loan payments will be manageable. This Fund receives funding from private foundations, SBA Microloan Demonstration Program, contributions, and earnings. * Micro Loan Good Faith Fund 2304 West 29th Street Pinebluff, AR 71603 870‑535‑6233 This loan is available to people in the Delta region that would like to start a business. The amount of the loan is from $500 to $25,000. The interest rate varies depending on the loan, from 9 1/2% to 12%. Repayment must not be over 7 years. California * Micro Enterprise Assistance Program of Orange County Micro Enterprise Assistance Program of Orange County 18011 Skypark Circle, Suite E Irvine, CA 92614 949‑252‑1380 Eligible applicants are women and ethnic minorities below the poverty level. This program receives funding from banks and private organizations. The aim of this program is to provide access to credit, training, and support so that low income individuals and their families may become self‑sufficient. Loans are up to $1,500 with terms up to one year. The interest rate is prime rate plus 4%.
* Self‑Employment Loan Fund Women's Economic Ventures of Santa Barbara 1136E.MontecitoSt. 805‑965‑6073 Santa Barbara, CA 93103 Fax: 805‑962‑9622 This program is helping women create their own employment in a community that is currently losing jobs. Loans are from $1,000 to $25,000, with terms set by the loan officer. This fund receives funding from foundation grants, corporate and individual gifts, fees, and interest payments. * Self‑Employment Microenterprise Development (SEMED)
Economic and Employment Development Center (EEDC) 241 S. Figueroa St. Los Angeles, CA 90012 213‑617‑3953 SEMED assists the Southeast Asian Community in Los Angeles and surrounding counties to attain self‑sufficiency. Eligible applicants an refugees admitted to the U.S. within the last five years and currently living under the national poverty level. Loans are from $2,000 to $5,000 with loan term at one year. Group Lending loans are from $2,000 to $5,000 with the term at one year and the interest rate at 9.3%. SEMED receives funding from the Office of Refugee Resettlement.
The West Enterprise Center 367 N. State St., Suite 206 707‑468‑3553 Ukiah, CA 95482 Fax: 707‑462‑8945 This program has a comprehensive approach that combines human and economic development. The aim is to stimulate the growth of economic opportunity in Northern California. Particular emphasis is on small business, economic options for low income people, and employment in the community. Eligible applicants are low income women/minorities located in Mendocino County. Loans are from $200 to $5,000 with terms from 6 to 24 months. The interest rate is at 10%. West Company receives funding from foundations, banks, utilities, CAP agency, local, state, and federal government, and donations.
Tri‑County Economic Development Corporation 2540 Esplanade, Suite 7 530‑893‑8732 Chico, CA 95973 Fax: 530‑893‑0820 E‑mail: tcedcloan@thegrid.net http://tricountyedc.org The goal of this loan is to stimulate economic growth in Chico. The loan can be used for working capital, machinery, equipment, and leasehold improvements. You can apply for $2,500 to $50,000. The amount of time allowed for repayment varies with each loan. The interest rate is Prime pins 2%, or as low as 7%. For every $10,000 borrowed, one job must be created.
City of Long Beach Business Assistance Division 200 Pine Avenue, Suite 400 562‑570‑3822 Long Beach, CA 90802 562‑570‑3800 www.ci.long‑beach.ca.us/bdc The goal of die program is to assist in the development of new businesses, to help economic growth, and to create and retain jobs. It is available to low and moderate income small business owners who cannot get conventional funding. The existing or start‑up business must be located in the City of Long Beach. Funds can be used for property acquisition, machinery, equipment and moveable fixtures and working capital. The loan amount is from $5,000 to 125,000 at a fixed rate.
Oakland Business Development Corporation 519 17th Street, Suite 100 510‑763‑4297 Oakland, CA 94612 Fax: 510‑763‑1273 E‑mail: mike@obdc.com www.obdc.com This loan is for small businesses located within the Seven Community Development Districts of Oakland. It can be used for working capital, inventoly purchases, expansions and renovations, and contract finishing. Initially from $ 1,000 to $ 10,000 can be borrowed. After that has been repaid, up to $20,000 can be requested. The maximum term is 5 years and the interest is Prime + 3%. Eligible businesses are those in operation for one year, but 25% of funds are available for start‑ups. * Entrepreneurial Resource Center Loan Entrepreneurial Resource Center 2555 dovis Avenue Clovis, CA 93612 559‑650‑5050 Loans are only available to graduates of the Entrepreneurial Training Program. Funds are available from $1,000 to $5,000. The term is from 12 to 36 months depending on the loan amount. * Micro Loan Fund Start Up: An East Palo Alto Micro‑Business Initiative 1935 University Avenue East Palo Alto, CA 94303 650‑321‑2193 To take advantage of tills loan, entrepreneurs must graduate from the Start‑Up Program. Up to $5,000 is available with a term of 5 years. Preferences are given to the residents of Palo Alto. * The Los Angeles Community Development Bank Micro Loan Program Community Financial Resource Center 4060 S. Figueroa Street 323‑233‑1900 Los Angeles, CA 90037 Fax: 323‑235‑1686 The goal of this loan is to create jobs and to promote a positive investment environment in the Los Angeles Supplemental Empowerment Zone. It is available to micro businesses, home‑based businesses and recent start‑ups. Loans are from $1,000 to $25,000 and for those that have been turned down for a conventional loan. The term is 3 to 5 years at 12% fixed interest rate. * Micro Loan Revolving Loan Fund Economic and Employment Development Corporation 2411 Figueroa Street, Suite 240 Los Angeles, CA 90012 213‑617‑3953 This program is available to refugees in the service area that have not been naturalized by the US. After completing a business training program, the applicant can submit a business plan and loan application. The maximum loan amount is $5,000. However, if a husband and wife apply for the same business, they could apply for $ 10,000. After the original has been paid back, borrowers can apply for 2 to 3 more loans and can double the loan amount. Technical assistance continues with the loan and the business is monitored on a weekly basis. * Micro Loan Fund Interfaidi Service Bureau 2117 Cottage Way Sacramento, CA 95828 916‑568‑5020 This group is available for refugees that are green card holders and low income Americans. It is for those small businesses in the Sacramento area for start‑up and inventory costs. After completing the training program, you may apply for a loan of up to $5,000. The maximum amount of time to repay the loan is 3 years. Funding is from private grants.
Women's Initiative For Self Employment 450 Mission Street, Suite 402 San Francisco, CA 94105 415‑247‑9473 Women's Initiative helps low‑income women to learn the skills necessary to successfully start and run their businesses. After completing the training course, you can apply for a small loan. The initial loan amount is up to $ 1,000, and after that, up to $ 10,000 can be sought. The staff will work with each owner on a one‑to‑one basis for post loan assistance. Networking and access to experts are also available.
Lenders for Community Development 111 West St. John St., Suite 710 408‑297‑9937 San Jose, CA 95113 Fax: 408‑297‑4599 This loan program targets women, minority, and low‑income business owners, and those businesses that are located in low‑income areas. The business must have been in operation for one year and located in Santa Clara or San Mateo County. The loans range from $5,000 to $50,000 and can be used for working capital, equipment, inventory, leasehold improvements, and business acquisition.
West Company 306 East Redwood Ave., Suite 2 Ft. Bragg, CA 95437 707‑964‑7571 It is their mission to expand economic self‑sufficiency and social well‑being for those people that have limited access to conventional resources. The Peer Lending Circles have up to 6 members with at least 6 months of self‑employment or a complete business plan. The loan amount ranges from $250 to $5,000 and the members all sign the loan note. Technical assistance is part of this program and must be continued for the term of the loan.
* Business Center for Women (BCW) Mi Casa Resource Center for Women 571 Galapago St. 303‑573‑1302 Denver, CO 80204 Fax: 303‑595‑0422 This program assists women who are low income and Hispanic in achieving self‑sufficiency. It has assisted in startup businesses and helped existing businesses expand. Loan amounts are up to a maximum of $500 for individual lending and from $500 to $5,000 for group lending. Loan terms are up to one year for individual lending; up to two years for group lending. The interest rate is at S% for individual lending; prime rate plus 3% for group lending.
Mi Casa Resource Center for Women 571 Galapago St. 303‑573‑1302 Denver, CO 80204 Fax: 303‑595‑0422 This program is available to women receiving welfare benefits in Denver County. The aim is to assist women who are low income and Hispanic in achieving self‑sufficiency. Loans are at a maximum of $500 for individual lending and from $500 to $5,000 for group lending. Terms are up to one year for individual lending; up to two years for group lending. The interest rate is 8% for individual lending and at prime rate plus 3% for group lending.
* Micro Loan Credit for All, Inc. 2268 Birch Street Denver, CO 80207 303‑320‑19 This loan is geared towards low‑income people to help them get out poverty. Credit for All uses a pure lending model method. Five to sev small business owners approve and insure repayment of loans to peers. The first loan amount is for 1500 and must be repaid in 4 months. After th $ 1,000 is available and there are 8 months for repayment. If everything gc well with the first year of loans, up to $8,000 can be applied for in t second year, and so on for the following years. This is available for the within the service are of Credit for All. * Micro Loan Colorado Capital Initiatives 1616 17th Street, Suite 371 Denver, CO 80202 303‑628‑S46. Basically, they provide loans to those people of good character who have difficulty obtaining conventional funding. With this program, there are 1. counties where each area makes up its own community group. Each group sets its own guidelines and standards that would best serve their region. From $500 to $30,000 is available for a loan with a maximum of 3 years for repayment. The interest rate is I or 2% over Prime, depending on the loan.
Colorado Enterprise Fund 1888 Sherman Street, Suite 530 Denver, CO 80203 303‑860‑024: E‑mail: microloans@coloradoenterprisefund.org www.coloradoenterprisefund.org This is available in the 10 county service are of Colorado Enterprise. It is for small businesses that need money for things like working capital ani equipment. Up to $25,000 can be applied for with a term of up to 5 years. The interest rate is from 13.5% to 14.25'/o. * Community Enterprise Lending Initiative Denver Small Business Development Center 1445 Market Street 303‑620‑8076 Denver, CO 80203 Fax: 303‑514‑3200 It is the mission of this program to provide counseling and loans to finance new or expanding businesses that are located in low‑income, multi‑ethnic areas. Also, it is for those entrepreneurs that cannot get a conventional loan. An existing business must have been in operation for at least one year. The maximum loans are $2,000 for a start‑up and $15,000 for an existing company. The goal is that after this program the borrowers will be able to get conventional funding. * El Valle Microloans San Luis Valley Christian Community Services P.O. Box 984 309 San Juan Avenue 719‑589‑5192 Alamosa, CO 81101 Fax: 719‑589‑4330 E‑mail: ccs@slvccs.org www.siv.org/ccs SLVCCS wants to encourage economic development for disadvantaged individuals through support for existing and start‑up business owners in the San Luis Valley. It is for those entrepreneurs that cannot get traditional bank loans. The loan amount is between $500 and $19,000 for a term of 3 years. They also have technical assistance, computer access, and network exposure. Connecticut * Hartford Economic Development Corporation Loan Programs Hartford Economic Development Corp. 15 Lewis St. 860‑527‑1301 Hartford. CT 06103 Fax: 860‑727‑9224 This Corporation receives funding from CDBO funds, membership fees,! dues. Their aim is to create and retain jobs and tax rateable property. I program is available to AFDC recipients, low and moderate income individuals. Loans are from $1,500 to S20,000 with terms from 6 month 7 years. The interest rate is 9%. * Trickle Up Grant Action for Bridgeport Community Development 955 Connecticut Ave, Suite 1215 203‑382‑544 Bridgeport, CT 06607 Fax; 203‑382‑544 Over 75% of the recipients of the Trickle Up Grant program either have no credit or bad credit history. Entrepreneurs are given $700 in conditional start up capital in two installments. For the first $500, they must complete Business Plan, agree to spend a minimum of 250 hours per person over a month period, and save or reinvest at least 20% of the profits in the busing At the end of three months, and when all of the requirements have been mi they can receive the final $200. Most of the recipients work out of their homes. Delaware * Capital Works Team Success Loans First State Community Loan Fund and YWCA of New Castle County 100 West 10th Street, Suite 1005 302‑652‑6774 Wilmington, DE 19801 Fax: 302‑656‑1272 E‑mail: fsclf@diamond.net.ude.edu This program uses the peer group lending process. The group offers support, training, and loan reviews. It is available to those businesses that are located in Delaware. The loan amounts are from $500 to $6,000. The term is 4 months to 3 years at a 12% interest rate. The group will approve the business use of the funds. District of Columbia * Youth Microloan Fund The Entrepreneurial Development Institute P.O. Box 65882 Washington, DC 20035‑5882 202‑882‑8334 This fund was established to empower disadvantaged youth to develop their own businesses, avoid drugs and crime, sharpen academic skills, and form positive attitudes about themselves and their communities. Eligible applicants are minority youths ages 17 to 21 years old. There are three levels of financing: up to $1,000, $2,500, and $5,000. Young people must have a business plan and have successfully repaid each loan before advancing to the next level. Loans carry below market interest and must be repaid within one year. * Micro Loan Fund East of the River Community Development Corporation 4800 Nannie Helen Burroughs Washington, DC 20019 202‑397‑068S This loan is available to people in the area who want to start a small business or one that has been in existence for 2 or more years. Up to $25,000 can be applied for at 12% interest. The amount of time allowed for repayment varies depending on the loan. Florida * SBA Microenterprise Loan Fund Community Equity Investments, Inc. (CEII) 850‑595‑6234 302 North Barcelona Street 888‑605‑2505 Pensacola, FL 32501 Fax: 850‑595‑6234 E‑mail: ceii2234@aol.com http://ceii.pensacola.com CEII provides assistance to businesses in northwest Florida and southern Alabama to help create jobs in those areas. The program has loans available for up to $25,000 for existing or start‑up small businesses. The loans must be paid back within 5 years. Normally these are available to those that have had problems qualifying for a conventional loan. to be used for inventory, supplies, furniture, fixtures, machinery, equipment, and working capital. The maximum loan is $25,000 for a maximum term of 6 years. * Micro Loan Florence Villa Community Development Corporation 111 Avenue R ME 941‑299‑3263 Winter Haven, FL 33881 Fax: 941‑299‑8134 Available businesses are start‑up and existing that are generally owned by low to moderate‑income people. The money can be used for mainly equipment. A loan of $5,000 is the maximum at 6.5% interest. The term is up to 3 years. It is only for the Polk county area. * Working Capital Program 3000 Biscayne Blvd., Suite IOIA Miami, FL 33137 305‑438‑1407
$10,000, in some cases they will go as high as $20,000. There is a 16% interest rate for processing loans. Members also can also take advantage of the business programs and network with other business owners.
52 W. Alton St. Fax‑ 404‑688‑4009 Atlanta, GA 30303 www.workingcapital.org Working Capital's loans are set up in steps with each amount having a different repayment time. They start off at $500 and go in steps up to $10,000, in some cases they will go as high as $20,000. There is a 16% interest rate for processing loans. Members also can also take advantage of the business programs and network with other business owners.
Goodwill Industries of North Georgia 2201 Glenwood Avenue Atlanta, GA 30316 404‑486‑8400 This fund primarily serves Decatur and metro Atlanta. It is for women business owners that have low to moderate income. It mostly funds existing businesses, but there are some startups also. A loan from $50 to $5,000 can be applied for after completion of the Business Now training program. The term of the loan is 12 months with an interest rate that is currently 10%.
Immigrant Center 720 N. King St. 808‑845‑3918 Honolulu, HI 96817 Fax: 808‑842‑1962 This program focuses on Vietnamese and Laotian low income or welfare recipients. The objective of this program is to advance economic self‑ sufficiency among recently arrived refugees by providing culturally sensitive lending and support programs for the startup or expansion of microenterprise in Hawaii. Loans are from $1,500 to $5,000 with terms from 6 months to two years. The interest rate is at prime rate plus 2%. 3%. or 4%.
The Immigrant Center 720 North King Street 808-845-3918 Honolulu, HI 96817 Fax: 808-842-1962 E‑mail: redmanini@hotmail.com This loan fund provides small loans, support, and technical assistance in order to help business owners to turn their talents and personal resources into economic self‑sufficiency. It is for start‑up and growing small businesses and to be used for inventory, supplies, furnature, machinery, equipment, and working capital. The maximum loan is $25,000 for a maximum term of 6 years.
IDA‑ORE Planning and Development Association 10624 West Executive Dr. 208‑322‑7033 Boise, ID 83704 Fax: 208‑322‑3569 JTPA receives funds from EDA revolving loan fund grant, EDA revolving loan fund interest, and JTPA training funds. Program is available to individual entrepreneurs who do not qualify for commercial credit, and who are located in rural southwest Idaho, Malheur and Hamey counties. The primary motive is business and economic development in rural areas where jobs are few, and entrepreneurial activity may be the only option to support rural families. Loans are up to $10,000 with loan terms up to three years. The interest rate is at prime rate plus 5% or 12%.
Panhandle Area Council, Inc. 11100 Airport Drive Hayden, ID 83835 208‑772‑0584 This loan is available in North Idaho to ensure growth and prosperity of the region's small businesses. Generally the loans are for businesses that have been operational for at least one year. Consideration will be given to start‑up businesses. The minimum amount for a loan is $1,000 and the maximum is $25,000. The term is three to five years at a fixed interest rate. The loan can be used for the purchase or repair of equipment, purchase of inventory, and working capital. Illinois * Community Enterprising Project Uptown Center Hull House Association 4520 N. Beacon St. 312‑561‑3500 Chicago, IL 60640 Fax: 312‑561‑3507 Eligible applicants are low and moderate‑income individuals located in Uptown, Edgewater, and Ravenswood areas. This project has assisted several new start up businesses, and others have been able to increase sales for businesses such as food industry and service businesses. Loans are from $1,000‑$ 10,000 with terms from 1‑2 years. Interest rate is at prime rate plus 6%. Receives funds from foundations, corporations, governments and individuals.
Program
The Economic Development Council for The Peoria Area, Inc. 124 S. West Adams St., Suite 300 309‑676‑7500 Peoria, IL 61602 Fax: 309‑676‑7534 The Economic Development Council (EDC) is committed to assisting in the development of small businesses and microbusinesses and helping them overcome obstacles to growth. Eligible applicants are low and moderate‑income existing or startup businesses, minorities and females. Loans are from $500 to $25,000 with terms from three to five years. The interest rate is from 5 to 12%. Receives funds from SBA Microloan Demonstration program. City of Peoria, and county of Peoria.
Chicago Association of Neighborhood Development Organizations 123 W. Madison St., Suite 1100 312‑372‑2636 Chicago, IL 60602‑4589 Fax: 312‑372‑2637 The aim of this Fund is the revitalization of all Chicago neighborhoods, retail and industrial areas. It works with community based organizations to assist low and moderate‑income individuals start new business ventures. Loans are from $1,000 to $10,000 with a term of two years. Interest rate is at prime rate plus 6%. Closing costs can be included in the loan amount.
* Self‑Employment Training Program Project NOW ‑ Community Action Committee 418 19th St., P.O. Box 3970 309‑793‑6388 Rock Island, IL 61201 Fax: 309‑793‑6352 Eligible applicants are low‑income county residents in the counties of Rock Island, Henry, and Mercer. Assists individuals interested in self‑employment by providing training, consulting services, support services and assistance in identifying and accessing startup capital. Loans are from $1,500 to $45,000 with terms from two to four years. The interest rate is 5%. Funding comes from the Illinois Department of Commerce and Consumer Affairs.
Women's Business Development Center 8 S. Michigan Ave., Suite 400 312‑853‑3477 Chicago, IL 60603 Fax: 312‑853‑0145 This program has started a new initiative to strengthen the programs and services for women, and worked as an advocate on access to financing through relationship building with banks and regulators. The aim is to support women in their quest for economic self‑sufficiency through entrepreneurship. Loans are up to $5,000 with terms up to one year. The interest rate is at 9%. This program receives funding from loans from various foundations and banks. * Women's Economic Venture Enterprise (WEVE) YWCA
22916th St. 309‑788‑9793 Rock Island, IL 61201 Fax: 309‑788‑9825 Women's Economic Venture Bnterprise (WEVE) assists women in achieving economic self‑sufficiency through business ownership. Eligible applicants are women of all races and income levels living in Scott County, Iowa, Rock Island County in Illinois, and Metropolitan Quad Counties. Loans are from $200 to $3,000, terms from three months to five years. Interest rate is 2% below prime rate. WEVE receives funding from Banks, SBA, foundations, individuals, program fees and corporations.
20 N. dark St. 312‑606‑8255 Chicago, IL 60602 Fax:312‑606‑9215 The Women's Self‑Employment Project (WSEP) programs provide economic support and a chance for self‑sufficiency to women who reside in some of Chicago's most disinvested communities. The goal of WSEP is to raise the income of low/moderate income women through a strategy of self‑ employment. Loans are from $ 100 to $10,000 with terms from four months to two years. The interest rate is at 15%. WSEP receives funding from SBA Microloan Demonstration, foundations, corporations, government contracts, individual donors, and consulting contracts.
Chicago Association of Neighborhood Development Organizations (CANDO) 123 West Madison, Suite 1100 Chicago, IL 60602‑4589 312‑939‑7171 This loan is generally available to low income business owners that are primarily women and minorities. It is for start‑up and emerging businesses in Chicago. The loans for emerging businesses are $1,000 to $20,000 at 12.5% and repayable in 3 months to 2 years. A start‑up company can apply for $1,000 to $15,000 at 10 to 12.5% interest for a term of 3 months to 2 years. * City of Rockford Microenterprise Investment Match Program City of Rockford Illinois Community Development Department 425 East State Street 815‑987‑5610 Rockford, IL 61104 Fax:815‑967‑6933 www.ci.rockford.il.us This program has been designed to strengthen new or young businesses owned by low and moderate‑income residents in the City of Rockford. The City will provide up to four times the amount of the business' equity, or $10,000, whichever is less. Equity can include cash, previously purchased equipment, and "sweat‑equity". The term is 5 years, with 20% forgiven each of the 5 years. The interest rate is 0%. Fifty‑one percent of the jobs must be for low and moderate‑income residents of the City. The applicant must graduate from the training program or have a business education.
ACCION Chicago 3245 West 26th Street Chicago, IL 60623 773‑376‑9004 This loan is geared towards African Americans, women owned businesses, and geographic areas that are depressed. These loans are based on character as long as there is a cash flow in the business. The loan amount is from $500 to $25,000 with a term of 3 months to 24 months. This is for start‑up and existing businesses.
West Cook Community Development 1127 South Mannheim Road, Suite 1021 708‑450‑0100 Westchester, IL 60559 Fax: 708‑450‑0655 This program is for small businesses in Western Suburban Cook County that have first been turned down by a bank for funding. It targets low lo moderate‑income women and minorities. The loan amount is from $2,000 to 150,000 with a term of up to 5 years. For funding, money is pooled from loans received from 20 area banks, and then in turn is loaned out from West Cook Community Development.
Indiana * Eastside Community Fund Eastside Community Investments (BCI) 26 N. Arsenal Ave. 317‑637‑7300 Indianapolis, IN 46220 Fax: 317‑637‑7581 The aim is to loan money and provide technical assistance to both startup and existing small businesses. Preference is given to New Eastside residents or low income individuals. Loans are from $150 ‑$25,000; terms from three months to five years. Interest rate is 10 to 12%. This fund receives funding from SBA, Mott Foundation, state loan money, and Partners for Common Good Loan Fund. * Rural Business Assistance Grant City of Madison Micro Loan Program P.O. Box 765 Versailles, IN 47042 812‑689‑5505 This loan is funded through the U.S. Department of Agriculture (USDA). It is available to start‑up or growing businesses. A maximum of $25,000 can be applied to equipment and working capital. The amount of time allowed for pay back is generally 5 to 7 years, depending on the loan, and the loan committee can decide on an extension.
SE Indiana Regional Planning Commission P.O. Box 765 Versailles, IN 47042 812‑689‑5505 This loan is for start‑up or growing small businesses in the area. The maximum of a $25,000 loan can be used for equipment and working capital. The term varies with the loan amount. Funding is from the U.S. Department of Agriculture (USDA). Iowa * SBA Microloan Demonstration Program Siouxiand Economic Development Corporation 428 Insurance Centre 712‑279‑6286 Sioux City, IA 5 II 02 Fax: 712‑279‑6920 Eligible applicants are low and moderate‑income individuals located in Woodbuly, Plymouth, Cherokee, Ida and Monona counties. This program receives referrals from local banks and community development organizations and assist in funding non‑bankable individuals. Loans are from $1,500 to $25,000 with terms from 1‑6 years. Funding comes from SBA grant, SEDC cash match, and other SEDC operating surplus and revenue. * Small Enterprise Development Institute for Social and Economic Development 1901 Broadway, Suite 313 319‑338‑2331 Iowa City, IA 52240 Fax:319‑338‑5824 This program is focused on low income, ethnic minorities, and women, Receives funds from foundations, corporations, civic and religious organizations, federal and state grants and contracts, and private contributions. The aim is to facilitate the empowerment of disadvantaged populations through the integration of social and economic development strategies. Loans are from $500 to $23,000 with terms from 6 months to five years. The interest rate is 5% for Institute's loans, and 8.5% to 15% for bank loans. * Micro‑Enterprise Loan Fund Kentucky Highlands Investment Corporation P.O. Box 1738 London, KY 40743 606‑864‑5175 The purpose of this fund is to encourage the development of small businesses in counties of Kentucky Highlands. Expansion and start‑up for profit businesses that meet the Small Business Administration's size standards are eligible. A maximum loan of $25,000 can be used for working capital and equipment. Borrowers have up to 6 years to repay with a fixed interest rate based on the loan.
Community Ventures Corporation 1458 North Broadway 606‑231‑0054 Lexington, KY 40505 Fax: 606‑231‑0261 This loan is open to existing micro businesses in Central Kentucky, a 20 county region. Its use is primarily for working capital and equipment. The maximum amount of the loan is for $20,000. The term is determined by the loan. * SBA Microloan Program Siouxiand Economic Development Corporation (SEDC) P.O. Box 447 Sioux City, IA 50102 712‑279‑6286 Small businesses in and around the 6 counties of Sioux City can apply for this loan. The maximum amount is for $25,000 that is to be paid back in a maximum of 6 years. The interest rate is 10%. Funding is from the Small Business Association. Kansas * SBA Micro‑Loan South Central Kansas Economic Development District 209 East William, Suite 300 Wichita, KS 67202‑4012 316‑262‑7033 www.sckedd.org The goal of this loan is to stimulate the economy within the 14 county service area. A maximum of $25,000 is available for a term of 6 years. No funds may be used for the purchase of real estate. Funds are from the Small Business Association.
Kentucky * Bluegrass Microenterprise Program Community Ventures Corporation 1450 N. Broadway Lexington, K.Y 40505 606‑231‑0054 Upon joining the small business training program, you will have access to classes designed to help with specific areas of self‑employment and business ownership. Classroom instruction is offered in business feasibility, management, marketing and financial planning. Upon completion of an approved business plan, you may be considered for inclusion in a small loan group, where loans of $500 to $2,500 are made to people operating or starting a small business. * Community Loan Fund Human/Economic Appalachian Development Corp. P.O. Box 504 606‑986‑8423 Berea, KY 40403 Fax: 606‑986‑1299 The Community Loan Fund is available to low income individuals and women located in Central Appalachia. Fund has provided loans to new and existing businesses in low‑income communities including pilot program targeting welfare recipients and community day care. The aim is to strengthen low‑income communities. Receives funds from permanent capital, investments, grants and donations. Loans are from $100 to $25,000 with terms from one to five years. The interest rate is from 8 to 12%. Louisiana Micro Loan Fund Catholic Social Services 1220 Aycock Street Houma, LA 70360 504‑876‑0490 The area covered by this loan is the Diocese of Houma‑Thibodax. A start‑up business can borrow up to $1,500 and then borrow more after that loan has been paid off on time. If the business is existing, it can borrow up to 12,000 for the first loan, and more after that. The term is from I to 2 years. Maine * Androscoggin Valley Council of Governments (AVCOG)
125 Manley Rd. 207‑783‑9186 Aubum, ME 04210 Fax: 207‑783‑5211 The primary goal of these programs is to stimulate business investment that results in job creation and retention within the Androscoggin, Franklin, and Oxford Counties. Loans are up to $150,000. Terms are for 3‑5 years at prime rate plus 1%. Eligible applicants are startups and existing businesses of all kinds.
Fleet Bank Set‑Aside P.O. Box 1116 207‑764‑3721 Presque Isle, ME 04769 Fax: 207‑768‑3040 This program is available lo individuals who cannot obtain funding through conventional loan programs. Program is for startup and existing micro businesses, and to establish a link to conventional lending channels for each sustained business. Loans are from $1,000 to 110,000. Terms are up to five years at prime rate plus 2%.
(CDBG) Microloan Lewiston/Aubum Economic Growth Council P.O. Box 1188 37 Park St. 207‑784‑0161 Lewiston, ME 04240 Fax: 207‑786‑4412 The Auburn Community Development Block Grant (CDBC) Microloan program is available to startup and existing businesses, manufacturing, distribution, service, non‑retail, and low to moderate incomes. Enterprise Fund Coastal Enterprises Inc. (CEI) P.O. Box 268 Wiscasset, ME 04578 207‑882‑7552 The aim of this fund is to help people with limited resources create their own jobs. Women‑owned and child care businesses are typical examples. Loans are from $500 to $50,000. Rates are fixed market rate. Terms are up to 15 years. Funding is from the Ford Foundation, Mott Foundation, state legislative appropriation. Betterment Fund, U.S. Department of Health and Human Services, national churches, Maine Department of Economic and Community Development. * Entrepreneurs With Disabilities Loan Fund Newmarket Tech P.O. Box 724 207‑287‑7370 Augusta, ME 04330 Fax: 207‑287‑3038 The Entrepreneurs With Disabilities Loan Fund is available to startup and existing businesses, businesses that create jobs, manufacturing, and people with mental and physical disabilities. Loans are from $500 to $2,000 and terms vary. New market Tech also provides technical assistance. * Maine Centers for Women, Work and Community 46 University Dr. 207‑621‑3440 Augusta, ME 04330 Fax: 207‑621‑3429 This microloan is available to startup and existing businesses. Applicants must submit a written Business Plan to a committee. Loans are from $100 to $1,000. Eligible applicants are: family income below $20,000; displaced homemakers; single parents; and people in transition.
Western Mountains Alliance P.O. Box 29 207‑778‑7274 Farmington, ME 04938 Fax: 207‑778‑7247 This loan is based on a peer‑lending process. A potential applicant joins a business loan group of 4‑10 business owners and applies directly to the group for loans. The group reviews and approves loans. All members must be current on their loans before any group member is eligible for another loan. Available to startup or businesses that projects to have a sustainable idea or product to sell or create. Loans are from 1500‑S5,000. Terms are four months to three years at 12%. Applicants must be a member of a peer lending group. * SBA Microloan Program Eastern Maine Development Corporation One Cumberland Place, Suite 300 207‑942‑6389 Bangor, ME 04401 800‑339‑6389 www.emdc.org
loan includes post‑loan technical support to help the owner in being successful. It must be paid back in up to 5 years. * Microloan Fund Biddeford‑Saco Area Economic Development Corporation 110 Main Street, Suite 1202 207‑282‑1748 Saco, ME 04072 Fax:207‑282‑3149 E‑mail: bsaedc@lamere.net www.bsaedc.org The loan is available to any small business in the area with emphasis on women and minorities. The maximum loan is for $25,000 at a fixed interest rate based on the market rate. One hundred percent financing is available up to $15,000. The terms of the loan vary depending on the use of the funds, but on an average are from 5 to 10 years. The Corporation is certified by the Treasury Department as CDFI.
Maine Centers for Women, Work, and Community Stoddart House UMA 46 University Drive 207‑621‑3440 Augusta, ME 043303‑9410 Fax: 207‑621 ‑3429 E‑mail: wkrose@maine.edu They established this fund to help women become economically successful. In order to apply for funds, women must graduate from New Ventures of Career/Life Planning Training. The loan is for up to $500. The term is from 3 months to one year. After that, borrowers are eligible to apply for another loan. Either start‑ups or existing businesses that are low income and create jobs are eligible in the state of Maine.
Northern Maine Development Commission 302 Main Street 207‑498‑8736 P.O. Box 779 800‑427‑8736 (Maine only) Caribou, ME 04736 Fax: 207‑493‑3108 The purpose of this loan is to provide capital to women, low‑income and minority small business owners that cannot get conventional loans. Money may be used for the purchase of machinery and equipment, furniture and fixtures, inventory, supplies and working capital. For loans of $7,500 and less, the interest rate is 10%. Loans over $7,500 have an interest rate of 9%, Applicants are eligible for technical assistance. Call first to be sure your business falls within the guidelines of the Small Business Administration.
Perquis Community Action Program P.O. Box 1162 Bangor, ME 04402 207‑973‑3500 The Commercial Lending Program offers gap financing. The applicants must fall within the HUD guidelines for low income. One‑third of the total amount needed can be applied for, with the maximum loan of $35,000. The term is an average of 5 to 7 years. It is available in Pennobscott and Piscataquis counties
Androscoggin Valley Council of Governments 125 Manley Road Auburn, ME 04210 207‑783‑9186 They call themselves the "Lender of last resorts". This loan can be used by either start‑up or existing businesses for things like working capital, equipment. The loan amount is up to $40,000 with a maximum term of 7 years. Collateral, cash flow and a business plan are required. It is available to those in the 3 county service area.
* Aroostook County Action Micro Loan Program Aroostook County Action Program Inc. P.O. Box 1166 Presque Isle, ME 04769 207‑768‑3033 Business owners in the Aroostook County area that meet HUD's median income guidelines can join this program. The maximum loan is $10,000 at 10% for a term of 10 years. Maryland * Business Owners Startup Services (BOSS) Council for Economic and Business Opportunities 800 N. Charles St., Suite 300 410‑576‑2326 Baltimore, MD 21201 Fax: 410‑576‑2498 www.cebo.com/ The aim of Business Owners Startup Services (BOSS) is to develop microenterprises via training and funding and to maintain microenterprises through technical assistance, support and funding. Eligible applicants are AFDC recipients, and residents of Housing Authority of Baltimore County. Loans are from $5,000 to $10,000, terms up to two years and interest rate is 10%. Receives funds from SBA, CDBG funds, SEID Grant, state, city, county PI and Title III contracts, and a grant from HUD.
1118 Light St., Suite 202 410‑727‑4921 Baltimore, MD 21230 Fax: 410‑727‑4989 Women Entrepreneurs of Baltimore, Inc. (WEB) is a nonprofit organization, and its clients must have a viable business idea and the entrepreneurial spirit to make their business a success. WEB is committed to the economic empowerment of neighborhood women and the revitalization of Baltimore's neighborhoods. The development of microenterprise in Baltimore helps to revitalize these neighborhoods by stopping the dollar drain. The owners serve as strong role models and in some instances provide employment in their communities. Eligible applicants are economically disadvantaged women in Baltimore City. Loans are up to $500 with terms from three to six months. The interest rate is at 10%. WEB receives funding from foundations and bank contributions.
Hilltown Community Development Corp. 432 Main Rd. #A 413‑296‑4536 Chesterfield, MA 01012 Fax: 413‑296‑4020 This fund receives funding from state and federal grants, loans from individuals. Western Massachusetts Enterprise Fund, and contributions. The aim is to promote rural cooperation and to ensure the best quality of life for all Hilltown residents. This is available to individuals with limited resources who wish to start or expand a business. Loan amounts are from $500 to $10,000 with loan terms at three years. The interest rate is 12%. For Hilltown residents only.
Brightwood Development Corporation 2345 Main St. 413‑734‑2144 Springfield, MA 01107 Fax: 413‑746‑3934 This program's aim is to provide affordable housing and economic development to low and moderate income Hispanics and Puerto Ricans. Program is presently assisting eight new businesses to start in a low‑income community. Loans are from $500 to $15,000. Terms are from three to five years. The interest rate is at 10%. Receives funds from the City of Springfield, Springfield Chamber of Commerce, SBA, and HUD.
Jewish Vocational Service 105 Chauncy St., 6th Floor 617‑451‑8147 Boston, MA 02111 Fax:617‑451‑9973 Program receives funds from the Office of Refugee Resettlement and the Jewish Vocational Service. Provides refugees the opportunity to create their own jobs within the communities in which they live. Vulnerable populations, such as the disadvantaged and disabled, are the agency's priority. Loans are from $100 to $5,000 with terms from six months to three years. The interest rate is at prime rate plus 4%.
Community Economic Development Center 166 William St. 508‑999‑9920 New Bedford, MA 02740 Fax: 508‑990‑0199 Eligible applicants are low and moderate income, racially and culturally diverse individuals. Small loans provide needed resources to these individuals who would not have funds to invest in their businesses. Loans are from $500 to $10,000 with the interest rate at 12%. Funding comes from credit through Fleet Banks, operating funds from Working Capital Institute for Cooperative Community Development, other banks, and private foundations.
Consortium Springfield Business Development Fund (SBDF) 1176 Main St. Springfield, MAO II 03 413‑781 ‑6900 Eligible applicants are low and moderate income, and minorities located in Springfield. SBDF provides secondary loans to small business for startup or expansion within the City of Springfield. It receives funding from the Small Business Administration and the Economic Development Administration. Loans are from $10,000 to $50,000 with terms from 5 to 20 years. The interest rate is at 6%. * Hilltown Enterprise Fund Hilltown Community Development Corporation P.O. Box 17 Chesterfield, MA 01012 413‑296‑4536 The Hilltown Enterprise Fund is available to the 11‑town area around Hilltown for businesses that cannot otherwise get funding. Amounts from $500 to $15,000 are available at 12% interest. The terms of the loan are 6 months to 5 years, depending on the amount loaned. Funds come from local people.
Working Capital 99 Bishop Alien Drive Cambridge, MA 02139 E‑mail: infor@workmgcapital.org 617‑576‑8620
Borrowers join a business loan group which control the lending process. Working Capital's loans are set up in steps with each amount having a different repayment time. They start off at $500 and go in steps up to $10,000, in some cases they will go as high as $20,000. There is a 16% interest rate for processing loans. Members also can also take advantage of the business programs and network with other business owners. This is for the greater Boston area.
Twin Cities Community Development Corporation 195 Kimball Street Fitchburg, MA 01420 978‑342‑9561 The goal of this fund is to increase economic development and income, and to create assets and jobs. It is available to business owners that have low to moderate incomes and do not fall within conventional loan guidelines. The business must be in operation for at least one year and located in the Fitchburg area. The loan amount is up to $50,000 with a term of 3 to 10 years. The interest rate is 12%.
Dorchester Bay Economic Development Corporation 594 Columbia Road, Suite 302 617‑825‑4200 Dorchester, MA 02125 Fax: 617‑825‑3522 E‑mail: DBSBAP@aol.com This loan is open to residents or small businesses located in Dorchester. It is also available to a client that comes through a Community Development Corporation in another community. They also help with technical assistance, credit repair, financial planning, and more. The maximum loan amount is $25,000. The term is up to 5 years with a compounded interest rate. * Cambodian American League Fund Cambodian American League of Lowell, Inc. 60 Middlesex Street Lowell, MA 01852 978‑454‑3707 After a 7‑week training program, small business owners must submit a business plan with their application for a loan. The loan amount is a maximum of $5,000. The loan must be paid back from one to two years, depending on the loan. * Greater Springfield Entrepreneurial Fund Hampden County Employment and Training Consortium 1176 Main Street Springfield, MA 01103 413‑781‑6900 ext. 227 This fund is available to the people in Hampden county except for the Chicopee and Chester areas. Small business owners can apply for a maximum of $25,000. It must be repaid in up to 5 years. The interest rate is 8%.
South Eastern Economic Development Corporation 88 Broadway Taunton, MA 02780 508‑822‑1020 The eligible business types for this loan are manufacturing, retail, wholesale, and service. The money can be used for working capital, real estate for the use of the small business, and for machinery and equipment. The loan amount is up to $25,000 with a term up to 5 years. The interest rate is usually the market rate. The business must show potential for creating jobs, especially for low to moderate‑income people. The service area of SEED is Bamstable, Bristol, Dukes, Plymouth and Nantucket counties. Michigan * Wise Program Ann Arbor Community Development Corp. 2008 Hogback Rd., Suite 12 313‑677‑1400 Ann Arbor, MI 48105 Fax: 313‑677‑1465 The WISE Program is to encourage small business development among women/minorities. This program assists women to become self‑sufficient through self‑employment. Loans are from $500 to 17,000. Terms are from 6 months to 7 years. Interest rate is prime rate plus 1%. Closing costs can be included in the amount of the loan. Receives funding from the City of Ann Arbor, Mott Foundation, U.S. Department of Health and Human Services, Michigan Women's Foundation, and the Community Foundation of Southeastern Michigan. * Lansing Community Micro‑Enterprise Fund 520 West lonia 517‑485‑4446 Lansing, MI 48933 Fax: 517‑485‑4761 To become eligible for this loan, the borrower must meet the criteria for low to moderate income and live in the City of Lansing. Or, the location of their business or residence must be within the City of Lansing where 70% or more of households are low to moderate income. They must also show that LCMF is the best loan option. The loan amount is $500 to $10,000. The term is from 12 months to 4 years at a 7% interest rate. A business training program is available, but not required.
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