MICRO-LOAN
The mission of the Enterprise for Equity’s Micro-Loan Program is to assist entrepreneurs in our service regions who have graduated from Enterprise for Equity’s business training programs in good standing. Enterprise for Equity assists entrepreneurs with micro-loans to launch new enterprises, support current businesses, and/or expand existing small enterprises. Our micro-loans range in size from $1,000 to $25,000, depending upon each client’s unique needs.
To be eligible to apply for our micro-loan fund you must first be a graduate of our Business Planning Program.
Please note: Being a graduate does not guarantee that your loan application will be approved. All loans are reviewed, approved or denied by an outside Loan Committee.
MICRO-LOAN FAQs
What types of businesses can be financed by the loan?
Startup, emerging, existing, and expanding businesses
Retail, commercial, wholesale, service, manufacturing, agricultural, contractors, or some combination of these
Sole proprietorships, partnerships, and corporations
For-profit businesses
Businesses located in South Puget Sound
Home-based businesses as permitted by zoning regulations
Legal on the Federal level
What can our micro-loans be used for?
Working capital
Supplies
Inventory
Equipment
Furnishings and fixtures
Debt refinancing (under certain conditions)
Business acquisitions
Leasehold improvements (ex: interior decorating. Does not include demolition or construction)
What can our micro-loans NOT be used for?
Construction or demolition costs
Any illegal activity
Owner’s draw
Golf courses, race tracks, or gambling facilities
Any lobbying activities
Lines of credit
Subordinated liens
To pay back another loan or debt owed to Enterprise for Equity
Any project that violates Federal, State, or local environmental protection law, regulations, or enforceable land-use restrictions unless the project will result in the curing or removing of the violation.
To learn more about the Micro-Loan Process or to apply (for graduates only), email Beth Henriquez at enterpriseforequity.org.