Areas Served: City of Stewartville
Microenterprise Fund (MEF) microloans are designed for startup, newly established, or growing businesses in the City of Stewartville, Minnesota.
Funds are available to qualifying entrepreneurs based on established loan funding procedures.
Eligibility – The business must demonstrate a need for financing through a realistic business plan.
– The business must be unable to obtain financing from a traditional lender.
– The projected income must be sufficient to repay interest and principal within a timely period.
Requirements – Small business loans are to be used for: seed capital, working capital, purchases of inventory and equipment, real estate, building renovation, and expansion capital.
– Loan origination fee plus cost of searches, credit reports, filling, and legal costs.
Rates/Terms – The maximum loan amount is $35,000. – The value of all collateral is determined as well as the quality and secondary markets that exiSt. – Collateral can consist of real estate, accounts receivable, equipment, and other tangible and intangible assets of value.
– The fund policy regarding loan interest rates is established by using the prime rate published in the Wall Street Journal.
– Consideration regarding the size and risk of the loan will be influential in setting the interest rate.
Contact InformationCity of Stewartville, Minnesota
Address: 105 East 1st Street
City: Stewartville
State: Minnesota
Website:
http://www.stewartvillemn.com/city-departments-services/eda/ceda.php
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