The Appleseed Microfinance Loan Fund is designed to help provide small amounts of capital to small business with the goal of creating or retaining jobs. Loan amounts will range from $5,000-$35,000.
Eligible borrowers:
•US citizens, 18 years of age or older
•Startup and existing businesses
•Businesses with less than $1,000,000 in annual revenue
Use of funds include:
•Equipment
•Inventory
•Business debt restructure
•Working capital
•Short term projects
Ineligible uses of funds include but are not limited to:
•Real estate development, management, or speculative real estate;
•Illegal businesses;
•Not-for-profits
Terms:
Interest rate is fixed at Prime + 4%
Length of loans depend on loan amount and use of funds with a maximum of 5 years
Loans require personal guarantee from all owners
Fees:
$50 application fee, non-refundable
Closing fee is 1% of loan amount
To apply or for more information call 419-525-1614.
"In accordance with Federal law and the U.S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, national origin, age, disability, religion, sex, familial status, sexual orientation, and reprisal. (not all prohibited bases apply to all programs)
To file a complaint write to:
USDA, Assistant Secretary for Civil Rights
Office of the Assistant Secretary for Civil Right
1400 Independence Avenue, S.W., Stop 9410
Washington, D.C. 20250-9410
