Microloan program

The worst time to ask a bank for money is when you desperately need money.  As we noted on the home page, banks will not consider any business that is less than two years old for a business loan.  Similarly, credit card companies are rapidly reducing the amount of credit available to Americans.

Many start-up small business owners either provide their own personal savings or turn to credit cards to finance their business without seeking outside counsel.  They may turn to friends who provide them with unsecured lines of credit.   While these two paths may sound simple in the beginning, if you do not have a clearly developed business model, the chances for success are remote and you will find yourself owing unbearable amounts of debt. 

eDev works with "thinly capitalized" indviduals who are in a start up phase.  However, we simply don't hand out money on business ideas.  We will expect you to complete a solid business plan that displays why you will succeed with your business idea and model.  We will likely ask you to revise the business plan so that your plan is focused on the marketing and selling of your product and/or service and that you have a clearly defined client base.   We will likely ask you to revise your cash flow projections to reflect what you will actually be able to generate in sales rather than "pie-in-the-sky" numbers.

While our loan process is much lengthier and more invasive, your chances of success are likely improved because we will require that you answer the tough questions before spending the money.  The business loan process typically takes six to seven weeks as we review your documents and ask for revisions.

We provide loans ranging from $1,000 to $35,000 although we prefer to be in the range of $5,000 to $10,000 for most business loans.  You will need to have a very strong business model and collateral for loan amounts above $10,000.  Just to repeat that previous sentence about its importance, if you are asking for loan amounts above $10,000, you must have adequate collateral to cover the loan.   As part of the loan deal, we will continue to provide counseling and business training services to you on a needed basis.

eDev became an SBA certified microloan lender in August 2009. We encourage potential loan applicants to first view the microloan handbook.   All applicants need to have a completed business plan to be considered for a microloan.  A copy of our loan application is available. You can obtain the other required documents by contacting Microloan Coordinator Donna McNeil at 541-463-4609 or emailing her at Donna McNeil . There is a $35 loan application fee.   

For more information about eDev's capital programs, contact Shawn Winkler-Rios at 541-463-4606 or email winkler-rios@clearwire.net.