Loan funds can be used for normal business uses such as working capital, equipment, refinancing and inventory purchases. The grants can be used for assistance in setting up bookkeeping accounts and procedures, marketing, production, or other uses that will assist the business in succeeding. Region 9 will also reimuburse the entire tuition cost of the Leading Edge Entrepreneurial Class offered by the Small Business Development Center. The applicant must successfully complete the course to qualify for reimubursement. The interest rate may vary but generally will be the Wall Street Journal Prime Rate.
Most loans are for a five year term with monthly principal and interest payments.
Depending on the facts and circumstances of the applicant, collateral may simply be a personal guaranty. Applicants with personal assets may be required to pledge personal assets. Description on use of funds. Business Plan including market study and three year projections. Current Business and Personal Financial Statement.