A forward-thinking lending approach to provide support to women and entrepreneurs of color and historically underserved small businesses.
The loan fund provides training, capacity building, and capital: small business and management training, access to flexible loan capital, and cash equity to small businesses.
Our model includes a distinctive feature: a portion of each loan can be forgivable, creating an opportunity for entrepreneurs to build wealth, increase equity in their small business, and improve the company’s balance sheet.
Here’s how our Loan Fund stands out
- Targeted training and capacity building for small business excellence
- Flexible, accessible loan capital
- A chance for small businesses to improve their balance sheets with forgivable loans
- Dedicated to assisting Minority and Women-Owned Business Enterprises (MWBEs)
Apply today—grow tomorrow: Our team is ready to support you at every stage of your growth with the right resources and guidance.
How it works
Businesses must be located in:
- OH: Cuyahoga County
- FL: Broward & Miami/Dade
- NY: NYC (Kings, Queens, NY, Bronx)
- WA: King County
- MO/IL: Metro St Louis
Uses of Proceeds: Flexible working capital, equipment, eligible refiancing
Sample Loan Terms:
- Loan Amount: $25,000 to $100,000
- Rate: 6.5% (can vary depending on market)
- Term: 60 months
- Personal Guarantees: Required of every owner of 20% or more
- Collateral: General UCC filing on “All Business Assets,” regardless of priority or value
* Program parameters, like rate and percentage of forgiveness, may vary in some areas.
Sample Loan Repayment:
- Amortizing principal and interest until the outstanding balance = % of the original loan amount (% depends on the terms and conditions outlined for the program in your community). Then:
SCENARIO 1: if the borrower has done all the following, the balance of the loan is forgiven:
- Paid their loan as agreed;
- Filed Federal and State Business & Personal Tax Returns each year, and provided copies of Federal returns to NDC CILF;
- Paid all necessary Sales & Business taxes;
- Completed the Entrepreneurship Academy financial management program;
- Maintained employee levels (# of FTE employees at end of Year 3, compared with number of FTE employees at the time of application),
SCENARIO 2: If the borrower has not done all 5 things above, the balance of the loan is amortized over the remaining term.
Apply now
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