|Business loan funds available at WSOS|
|Written by Sentinel-Tribune Staff|
|Friday, 13 September 2013 10:01|
Residents who have dreams of owning their own small business, but have been turned down by traditional financing may still be able to achieve their dream with the help of the microenterprise loan program at WSOS Community Action Commission Inc.
Microenterprise businesses, which usually employ five or fewer employees, can access loans available to small business owners who are low to moderate income within Wood, Sandusky, Ottawa, Seneca, and Huron counties.
Funded through WSOS Community Action Commission, the loans are available to these owners to help meet the needs of existing and/or start-up businesses, which do not qualify for conventional financing through a banking institution or which may have a financing gap to fulfill.
The loan amounts for each loan range from $500 to $10,000. The loans can be used for purposes such as buying furniture, fixtures, machinery and equipment, vehicles, minor building improvements, inventory, working capital and supplies. Items such as real estate purchase, major construction, and franchises are not eligible. Applicants must be at least two years past a bankruptcy with no delinquencies.
Depending on the nature of the project and the ability to repay, the term of the loan is one to five years with a current interest rate of 9 percent. Applicants are required to provide collateral.
WSOS has provided microenterprise loans for micro businesses for more than 15 years.
For more information or to submit an application, contact Angie McConnell at 419-332-2008. For information on WSOS, visit www.wsos.org.
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