Microenterprise Loan Program
Lending Goals
ECDI's primary goal is to assist in the establishment, stabilization, or expansion of microbusinesses by combining business training and technical assistance with necessary capital. ECDI's Microenterprise Loan Program provides loans up to $100,000 to new and existing businesses that do not qualify for conventional bank loans due to insufficient credit history, collateral, or business experience.
What is Eligible?
ECDI Microloans 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
ECDI Microloans may not be used for real estate acquisition or construction.
About the Loan
ECDI administers loans from 13 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 7.25% to 12%. 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. ECDI 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 ECDI's lending activity in Franklin County, click here.
Anyone interested in participating in ECDI's microenterprise loan program is required to attend a free pre-loan information session. You can register for one of these bi-weekly sessions on our Eventbrite page. You may view a video presentation of a Pre-Loan Information Session by clicking here, however, all participants in our programs must attend the session in person. To access application materials, click here.
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