Revolving Loan Fund

This funding is available as gap financing of no more than $25,000.00 and start-up financing of no more than the lower of $25,000.00 or 75% of the start-up costs.  These loans are made on a first come first serve basis to applicants who meet the funding requirements. 

 

To make applications to this source of funding, you must meet the following criteria:

• Have applied at a local financial institution and been denied completely or received a portion of the funding you seek.

• Meet criteria of low income by definition of 185% or more of established federal poverty guidelines (see Poverty Guidelines, Research, and Measurement).

• Complete business set-up or expansion plans prior to formal application.

• Mission of Business

• Purpose of Business

• Market

• Organization

• Complete a financial plan for the funds being requested

• One-Year and Five-Year Plans

• Provide verifiable income levels

• Monthly & Quarterly predictions

• Provide tax returns for the past two years if applicable.

• Be willing to access credit counseling prior to application submission if denied based on poor credit rating.

• Be prepared to acquire any license or permits needed for the business prior to receiving funds approved.

• For every loan approved, there must be at least one new job created.

For more information pleas make an appointment with MEDC;s Executive Director to begin the process.  MEDC's Executive Director