Start-up Microbusiness Loans
This business loan product is exclusively for start-up businesses that are in the pre-launch stage through 1 year of operation. The loan can be used for equipment, inventory, lease improvements, and/or up to 3 months of working capital necessary to start or run your business.
Eligible applicants must be committed to:
– Creating a business plan
– Participating in personal financial coaching
– Providing quarterly financial statements for the life of the loan (If approved for loan, CommunityWorks will provide a small grant to cover the first year of the client’s accounting system and accounting firm)
– Participating in quarterly coaching session and on-going entrepreneurial development training
Be prepared to upload the following documents:
- Loan Application
- Legal picture ID
- 3 months of personal bank statements
- 3 months of business bank statements, if available
- Personal Cash Flow Form
- Use of Funds Form
- Personal Financial Statement
- Most Recent Personal Federal Tax Return w/W2s
- Business Plan that includes:
- Company description
- Understanding of your target market
- Organizational structure
- Owner and Management experience
- Types of products or services
- Marketing plan
- Financial Projections
- 24-Month Business Cash Flow Projections
- YTD P&L and Cash Flow Statement, if available
- Verification of Personal Income (paystub, annual benefits letter, etc)
- Most Recent Business Federal Tax Return, if available
- Resume
- Personal Financial Coaching Session