WBDC – Microloans

LWD member Jamie Hayes wanted to share this information.  She recently took a business development course from the Women’s Business Development Center (WBDC). Besides classes, they also distribute government microloans.  They need to distribute more funding by 10/1.
The eligibility requirements are that the loan recipient be a woman-owned business and located in the City of Chicago (with a City of Chicago business license).

As with any lender, they will want to look at business plans, credit history, and financial books (and of course the WBDC courses address these issues). However, they are much more lenient than traditional lenders such as banks and will often lend even if the business owner doesn’t have great credit or is a start-up, for example. The downside is that the interest rates on the loans are high–12%. Still, it’s good to know that the resource is out there if anyone is experiencing a temporary cash flow issue, for example, or is looking to expand in some way.

Thanks for sharing Jamie!