Microloans

For business owners looking for access to capital, eDev will be offering a free microloan presentation from 6:00 to 7:30 pm, Monday, November 23^rd at the Springfield Chamber of Commerce office. The Small Business Administration designated eDev as one of 8 new microloan funds nationwide in August 2009.  eDev was awarded $150,000 in microloan funds to loan out the new and existing businesses. Microloans range in size from $500 to $35,000 with a typical size of $5,000 to $10,000. All businesses seeking loans will be expected to have a current business plan that outlines how the company intends to use the loan funds. eDev will be offering introductory interest rates as low as 4.9% up to $8,500 in loan funds for business owners that have excellent credit, a solid business plan and collateral. Other interest rates will be applied based upon credit history, collateral, competence, and character.

Loan applicants will need to have a completed loan application, business plan, and personal and business financial statements.  For more information, please contact Martin Desmond at 463-4616 or email desmondm@lanecc.edu.