Micro Loan Program

PURPOSE

The Micro Loan Program was established to assist women, minority and low-income entrepreneurs, small business owners, and other interested individuals. The program provides funding and technical assistance to start new businesses or help existing small businesses in the rural counties of Watauga, Avery, Mitchell, and Yancey (WAMY) counties.

PROGRAM DESCRIPTION

Funded through the Small Business Administration, this program allows WAMY to extend loans for financing inventory, equipment or working capital to start new or expand existing businesses. Loans usually do not exceed $10,000. The interest rate is based on federal regulations and loans are repaid on a monthly basis.

WHY CONSIDER A BUSINESS LOAN?

• W.A.M.Y. wants to help small business, thus creating jobs and improving the local economy.
• Loan applications are reviewed by a board made up of local people.
• W.A.M.Y. welcomes small loans that banks will often not consider; cottage industries and home-based businesses are encouraged to apply.
• In addition to funding, the program offers technical assistance and training to help operate and market small businesses.

HOW DO I APPLY?

Complete a loan application and submit, along with the required attachments. Refer to the checklist on the cover of the application packet. If you have questions or need assistance with the formwork, contact the Micro Loan Coordinator.

WHAT OTHER COSTS ARE THERE?

• A $20.00 fee for a credit report and a small commitment fee equal to 1% of the loan, but not less than $100 will be required.
• Unlike banks there are no application fees or points charged.

HOW DO I GET STARTED?

Contact: