WEDC Micro Loan

WEDC and the Business Outreach Center’s (BOC) Network with its BOC Capital Corp. are collaborating to provide clients with $500-$50,000 microloans for their small businesses. WEDC’s partner, BOC Capital Corp, is a not-for-profit Community Development Financial Institution (CDFI) and a certified Community Development Entity (CDE) dedicated to providing micro-enterprise financing, with a special focus on small-business, women, minority and immigrant entrepreneurs.  Fill out our client intake form and an advisor will reach out to you.

Qualifications for a WEDC Microloan

To the best of your knowledge, will any of the items below be in your credit report?

  • Active bankruptcy
  • Bankruptcy chapter 7 in the last year
  • Foreclosure or repossession in the last year
  • Unpaid write-off or collection accounts within the last 6 months
  • Unpaid public records (tax liens or civil judgments) not on active repayment plan
  • Any of your credit accounts 90+days past due
  • Presently have an active bankruptcy
  • Owe child support
  • Presently delinquent in your mortgage and/or your vehicle account

If your credit report shows any of these items, you do not qualify for a loan under the WEDC Microloan program’s guidelines.

Collateral

BOC Capital requires all loans to be secured with assets. Acceptable assets are:

  • Business assets
  • Personal/business vehicles
  • Commercial and/or residential real estate

Equity

The borrower is expected to invest a percentage of his/her own equity into the project.

Personal credit

For loans over $5000, the borrower is expected to have his/her personal credit in good shape.

Business Plan

Start-ups: business plan with at least 12 months projections is needed.

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