MLCDC began offering Micro loans in December 2009. Micro loans will be available of up to $10,000.00. MLCDC is using the peer-lending group model to help in the starting up of small businesses.
HELP-SELF is a program designed for very small businesses which need small amounts of credit ($1,000.00 to 10,000.00) and practical business assistance. HELP-SELF is intended for:
Loans are made in “steps” and all borrowers must be a member of a HELP-SELF Business Loan Group.
Each prospective borrower should join a HELP-SELF Business Loan Group if they are a small or start-up business and would like the opportunity to:
HELP-SELF members meet monthly and help each other prepare loan applications. At the monthly meetings, members review each other’s loan applications, receive practical business assistance and help each other solve common business problems. Practical business training is part of the monthly meeting. MLCDC assists members in marketing, money management, advertising, customer relations and preparing a business plan.
Access to total HELP-SELF credits maintained at 10 times the Group’s loss reserve. Since the members own $1,000.00 loss reserve is first at risk in the event of a loan default, members regard each other’s application seriously.
Step up borrowing relies on “character-based” loans and asks the micro business owner to prove his/her credit-worthiness by starting with a small loan (no more than $1,000.00 for the first loan). Borrowers can double the loan size at each step-up to HELP-SELF’s current maximum $10,000.00. Members who reach the $10,000.00 step will have to establish a credit history and be experienced in managing their businesses. These borrowers should be ready for commercial credit.
For more information about joining MLCDC’s HELP-SELF Financial program please call at (402) 933-4466 or (402) 850-0968. Also, you can send us an e-mail at firstname.lastname@example.org.
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