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. Contact Veronica Bazan at firstname.lastname@example.org or download an application.
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.
BOC Capital requires all loans to be secured with assets. Acceptable assets are:
- Business assets
- Personal/business vehicles
- Commercial and/or residential real estate
The borrower is expected to invest a percentage of his/her own equity into the project.
For loans over $5000, the borrower is expected to have his/her personal credit in good shape.
Start-ups: business plan with at least 12 months projections is needed.