Rappahannock Goodwill Industries, in collaboration with ECDC Enterprise Development Group, provides micro-finance loans to help people with disabilities and other barriers to employment, including low-income individuals, start their own business.
HOW CAN I QUALIFY?
You must be a legal resident of the United States—a citizen, a permanent resident, or a refugee or asylee. You must have a low to moderate income, or be unable to access a bank loan, or provide employment to low to moderate income workers. You must be planning to launch—or be operating—a small business.
Beyond microloans, we also help clients develop effective strategies, with training on such topics as business plan development, risk management and budgeting.
HOW DO I APPLY?
Contact Rappahannock Goodwill Industries at 800-789-2816.
HOW BIG A LOAN CAN I GET?
From $500 up to $50,000.
FOR HOW LONG?
Up to four years.
AT WHAT INTEREST RATE?
While our rates are generally more affordable than those from commercial sources, they vary according to market conditions. Our loan officer will tell you the current rate when you apply.
IS THERE AN UP-FRONT COST?
To help cover administrative costs involved in processing and evaluating your request, there is a cost of $100, which is made when an application is formally submitted and is nonrefundable.
WHAT MUST I PROVIDE?
A credit history with a minimum score of 620 or a qualified cosigner. A business plan projecting anticipated income, expenses, profits. Collateral 70 percent to 100 percent in value to the loan or a qualified cosigner. A personal investment in your business start-up or expansion.
WHAT DOCUMENTS WILL I NEED?
• Two IDs, one with photo. If U.S. citizen, a passport, birth certificate or voter ID card. If refugee or asylee, an I-94 card or green card.
• Federal tax returns for past two years.
• Proof of collateral ownership.
• Required licenses and permits.
• Proof of business insurance.
WHEN YOU ARE READY TO SEEK A LOAN FOR YOUR BUSINESS VENTURE, HERE ARE THE STEPS:
1. Call to set up an appointment with a loan officer
2. Bring your company’s business plan with you
3. During the appointment, we will give you all the details you need
4. Your loan application and documents are reviewed
5. You are notified if any additional documents are needed
6. We let you know the status of your loan application and if approved
We will provide a checklist of items for you to bring with you. If you need help with your business plan or cash flow projections, our loan officer can assist you. Give us a call, and we will be glad to give you more details. 800-789-2816.