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Overview
The MLF is a program designed for new or expanding small business owners who do not qualify for commercial bank loans because of the amount they are requesting, credit problems or other issues. The MLF seek to prepare small business owners to use conventional lending resources through lending money, education and mentorship. Micro Loan applicants can borrow from $500-$25,000 for inventory, equipment, or start-up/expansion costs.
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Who Is Eligible?
Any one who owns or aspires to own a small business is eligible to apply for micro loan funds.
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Lending Requirements
A micro loan applicant must be a new or expanding business. Applicants must have or be applying for a "for-profit" business. Applicants must be denied by two commercial lenders.
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Documentation to be included with completed application package where applicable:
- Business Plan
- Two (2) Letters of Denial from two (2) commercial banks.
- 2 years of Tax returns
- Resumes of primary business owner/s, key personnel, and co-signer
- Schedule of Insurance
- Lease agreement
- Itemized list of proposed collateral worth over $500. If real estate is included, a legal description is necessary.
- Letters of Reference, preferably business
- Licenses to do business or Articles of Incorporation and/or partnership agreement.
- Description of present or pending lawsuit(s), bankruptcy, or insolvency proceedings.
- Any other relevant information that will enhance loan proposal
The average time required to process a complete application is approximately four to six weeks.
For more information email Toby Budd. You may also contact the Community Action Agency office in your county: Lenawee at 517-263-7861 or 800-438-1845, Jackson at 517-784-4800 or 800-491-0004 or Hillsdale at 517-437-3346 or 800-750-9300.
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