Grants & Microloans
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On a regular basis, we receive calls from people asking about free government small business grant programs or easy business loans. They have seen the spam emails about massive giveaway government programs and call us for more information. We have to explain that these programs are not real, or are not given out to individuals.
Approximately 99% of all grants (government and private) are strictly given to non-profits and other public organizations. Collatoral, good credit and a well written business plan with financials are all required to be considered for legitimate business loan programs, especially through conventional financial institutions. Most Banks and/or Credit Unions will not even consider a business loan under $50,000.
However, we do have programs that can help get funds to your business – provided that you are willing to work towards your business goals.
Individual Development Accounts: IDA's are a small business grant for individuals who income qualify, and are able to complete the requirements. Participants are required to write a business plan, take a financial literacy course, and complete 30 hours of training in addition to their savings. The maximum savings that is matched is $1,334 which is matched with $4000.
Microloans: A microloan is defined as an amount below $35,000. Our average loan amount is $10,000. Our loans are specifically for small business owners who may or may not have good credit or have other barriers to a traditional bank loan. Applicants are expected to submit a business plan with financials and present it in person to the loan review committee.
eDev routinely holds orientation meetings about these programs; you can find the next session on our Events Calendar.
You may visit the Forms and Resources tab to obtain the IDA Handbook and Application.
For more information about the program, please contact Leah Murry at 541-463-4619 or email murrayl@clearwire.net
