PURPOSE OF MICRO LOAN PROGRAM
In response to the needs of our clients, the Women’s Center is proposing a Micro Loan program to support the entrepreneurial plans of low to moderate income clients.
MISSION OF MICRO LOAN PROGRAM
Helping women to support themselves with technical assistance, business mentoring and loan programs so they can be active profitable and proud participants in their business community.
PROGRAM GOALS
- To Provide Entrepreneurial Women an avenue to start up or expand a new Micro Business.
- Leverage Existing Resources of SBWC to provide Technical Assistance to start-up or newly established micro businesses.
- Provide a Business Mentorship Program to support successful outcomes for new Micro Businesses.
- Partner with Local Resources to expand available services to Entrepreneurial Women.
- Provide Micro Loan funding to start-up and newly established minority and women owned businesses for individuals that exhibit, preparation, planning, personal and capital commitment as indicators of strong likelihood of long term success.
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DESCRIPTION
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MICRO LOAN PROGRAM
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Service Area
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Brevard County
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Loan Amount
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Minimum $500.00 –Maximum $2,500.00
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Type Of Loan
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Direct
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Use Of Funds
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Equipment purchases, business fixtures and furniture, inventory and working capital
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Ineligible Use
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Loan refinancing and personal use
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Ineligible Businesses
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Not for profit and religious organization, adult entertainment, bar, lounges, pyramid schemes, illegal operations, business deriving more than 10% of their income from sale of alcohol, cigarettes or gambling (including lottery tickets).
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Repayment Terms
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Negotiated, but not to exceed 72 months,
monthly installments (P & I).
Note: smaller loans may have shorter amortizations.
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Interest Rate
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Fixed at 12%
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Collateral
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Business and personal assets, personal guarantees
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Borrower Equity
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Not less than 10%.
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Loan Fee
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$25.00, payable at loan closing
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Technical Assistance Fee
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$50.00-non refundable fee, payable in advance;
Scholarships may be available
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Closing Fee
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Determined by type of collateral
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The application and approval process is a comprehensive one and at this time open exclusively to SBWC Clients. In addition to accepting applications for start up and new micro businesses for loan amounts from $500.00 to a $2,500.00, SBWC requires applicants to participate in a series of on line, in house and referral technical assistance (business training) classes, that will prepare you to begin a small business.
The process is designed to give the new micro business the highest likelihood of long term success.
