Microenterprise Loan Program

Category: Community Development

Overview

This loan fund is targeted to new and existing small businesses with five or fewer employees. The goal of the program is to create jobs for low-moderate income individuals.

Benefits

• The creation of new and projected employment opportunities which match the abilities of the target area’s unemployed and underemployed, and which provide sufficient income to sustain families within the area’s rural communities.
• The creation and retention of viable businesses within the target area.
• Last resort financing.
• Gap financing.

Eligibility Requirements

Documentation of low-moderate income job creation/retention is required of business owner.

Uses: Furniture, Fixtures, Machinery/Equipment, Supplies, Inventory, Vehicles, Insurance, Minor Building Improvements, and Working Capital (no acquisition of real estate, major construction, re-financing of existing debt, or franchises)
Maximum to Borrow:  $10,000
Type of Entity:  Private for Profits
Rates:  Prime (minimum of 9%) at time of loan approval
Terms:  Maximum of five years

Eligible Counties

Huron, Ottawa, Sandusky, Seneca, Wood

Income Guidelines

	Household Size
County	1	2	3	4	5	6	7	8
Wood	$34,600	$39,550	$44,500	$49,450	$53,400	$57,350	$61,300	$65,250
Sandusky	$32,400	$37,050	$41,650	$46,300	$50,000	$53,700	$57,400	$61,100
Ottawa	$34,600	$39,550	$44,500	$49,450	$53,400	$57,350	$61,300	$65,250
Seneca	$31,350	$35,850	$40,300	$44,800	$48,400	$51,950	$55,550	$59,150
Huron	$32,300	$36,900	$41,550	$46,195	$49,850	$53,550	$57,250	$60,900

Income level cannot exceed the stated income guidelines

Contact Information

Angie McConnell (Loan & Grant Specialist)