Your Idea + Our Support = Business Success

Starting Businesses

The Start-Up Program is designed for businesses with less than one year of operations and less than 12 months of consecutive sales history.  Loans are available to qualified persons through a peer-lending model called Borrowers’ Circles. A Borrowers’ Circle is a group of five to eight people who have successfully completed the Business Plan Workshop. Initial loans can be up to $1,000, with a 12 month repayment period. Subsequent loans can be borrowed in increments up to $5,000, with repayment periods up to 24 months.

Requirements:

  • Completion of ten-week SELF workshop or an equivalent business training workshop
  • Completed Business Plan 
  • Meet attendance and assignment requirements of Business Plan Workshop
  • Join Borrowers’ Circle
  • No collateral or credit checks
  • $50 application fee per loan - Unless graduate of SELF's Business Plan Workshop

You may, however, be eligible for additional funding up to $35,000 with a:

  • Business Plan
  • Credit score of 600 or higher 
  • Personal and business cash flow to support the debt
  • Non-obligated collateral in one or more of the followitn forms:

                -Automobile

                -Real State

                -Large Equipment

 

Existing Businesses

Individual Lending Program (ILP) loans, ranging from $3,000 to $35,000, are available to qualified individuals who have operated a business for a minimum of one year and have an updated business plan. Prospective borrowers are required to pay a $100 application fee and $25 credit report fee. Repayment for ILP loans can be up to 72 months.

* per report, per owner/shareholder/partner.

Requirements:

  • One-year operating history
  • Current business plan
  • Low/Moderate income (HUD guidelines)
  • Historical and projected financial statements
  • Income Statements
  • Balance Sheets
  • Cash Flow Statements

ILP Underwriting Requirements

  • Current and prior business and personal federal tax returns (one year minimum)
  • Business must demonstrate repayment ability based on adequate cash flow and profitability
  • Collateral and loan restrictions may apply
  • Business must have a positive net worth or capital base
  • Up to 90% of value loaned

SBA Intermediary

The Pre-Qualification Loan Program was developed to promote the SBA’s business loan programs to current and prospective small business owners. The program uses community programs such as Self-Employment Loan Program as intermediaries to assist prospective borrowers in developing a viable loan application package.

Who Is Eligible?

  • Those who meet SBA 7(a) size standards and general SBA eligibility criteria.

  • Those not engaged in speculation or investment in real estate.

  • Business must be 51% owned by a Minority, Woman, or Veteran small business owner

  • Small businesses located in USDA defined rural community.

The Pre-Qualification 

SELF will assist you in preparing the necessary documentation for the pre-qualification loan process for a $750 processing fee.

Application Process

1. Submit a Pre-Qualification Application

2. Loan Review

3. Qualify

4. Select a Lender

5. Loan Funds

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