Small Business Loans
The Economic aand Community Development Institute helps businesses start and expand by combining business training and technical assistance with necessary capital. The Institute's Small Business Loan program provides loans up to $350,000 to new and existing businesses that do not qualify for conventional bank loans.
What is Eligible?
The Institute's Small Business Loans may be used for business expenses, including:
- Purchase of equipment, machinery, supplies, inventory
- Start-up operating expenses
- Working capital
- Other uses may be considered, but may be limited by program policies
Loans may not be used for real estate acquisition or construction.
About the Loan
The Economic and Community Development Institute administers loans from 18 different sources, each with particular objectives and eligibility criteria. The annual fixed rate is determined by the source of funds used to capitalize the loan, but ranges from 5.75% to 11.5%. Loan terms range from 6-60 months. In addition to traditional loan products, interest-free, fee-based loans are available for borrowers whose religious beliefs preclude them from paying interest. The Institute can provide services in English, Somali, Spanish, Amharic, Arabic, and Russian. Fees for training and loan origination apply. See Microloan Rates and Fees Disclosure statement.
To view a map of the Economic and Community Development Institute's lending activity in Franklin County, click here.
Anyone interested in participating in the Institute's Small Business Loan program is required to attend a free information session You can register for one of these weekly sessions on our Eventbrite page. You may view a video presentation of an Information Session by clicking here, however, all participants in our programs must attend the session in person. To access application materials, click here.