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RNDC established the Microenterprise Loan Program to better serve the region.  The loan program is meant to provide capital for start-up and expansion for the small business activity not served by traditional lenders.

Loans may be provided in conjunction with other financing.  This programs keys not only on credit, but includes one on one counsel and guidance. 

This technical assistance combination is necessary to provide the highest opportunity for success.  With technical assistance on a regular basis, the Small Business Development Center (SBDC) can guide the business owner in management, marketing and financial matters, while striving to see the business succeed and grow.

Business may borrown up to $25,000 and have up to five years to repay the loan.  A business may borrow again when the first loan is paid in full.

Use of Loan Proceeds:

Microenterprise loan funds may be used for all costs demonstrated as essential for the project, including working capital, inventory, machinery and equipment, building and leasehold improvements.

These funds may not be used for agricultural production (crop or livestock), debt, refinancing or restructuring, projects which have other financing available, and projects that cannot demonstrate a resonable chance of success or repayment ability.

Credit requirements:

Microenterprise loan applicants must meet the credit requirements of the RNDC.  Generally, however, applicants will be expected to demonstrate:

1. good character
2. a strong committment to their business
3. a credit history that demonstrates an assurance that the loan will be repaid.  Any credit deficiencies will require full explanation.