Areas Served: City of Cincinnati
Purpose: To increase the creation and expansion of businesses, operated by low-to-moderate income individuals.
Increase access to traditional and conventional financing sources to low-to-moderate income individuals.
How Much Can Be Borrowed: Loan amounts range from $500 to $20,000. Eligible Businesses: Eligible businesses must be for-profit entities.
Ineligible Businesses: Loans to social service agencies that provide for the care and rehabilitation of people, religious institutions, or other non-profit service providers.
Ineligible Uses of Loan Proceeds: Refinancing existing debt, loans to private clubs with restriction on membership or patronage, and loans in the realm of real estate speculation.
Eligible Uses: Working Capital (inventory, receivables, contract financing, and operating capital); Machinery & Equipment; Leasehold Improvements; Fixed Assets; Start-Up and Expansion Expenses.
Loan Terms: The maximum is 5 years (60 months).
The interest rate will be in relationship to prime based upon risk, term and conditions.
General Requirements: A completed loan application packet; Demonstrate the ability to repay the loan within the specific time; Business coaching prior to loan application; Agree to ongoing Technical Assistance through GCMI.
Contact InformationGreater Cincinnati Microenterprise Initative
Address: 1740 Langon Farm Rd
City: Cincinnati
State: Ohio
Website:
http://www.gcmi.org/
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