Looking for funds for your business? The FCDP is a non-profit community development corporation working to promote economic growth and affordable housing in Marion County. The FCDP’s loans provide capital to for-profit businesses and fulfill FCDP’s mission to support business growth and create/retain jobs.
- Existing or start-up manufacturing, retail, wholesale, and service businesses.
- Located in the Marion County.
- Employ twenty or fewer (FTE) Full Time Equivalent year-round employees.
- Small businesses with annual sales under $750,000.
- Businesses must demonstrate the potential for job creation.
- The business has to demonstrate the management capacity and/or willingness to utilize FCDP provided technical assistance throughout the life of the loan, if necessary.
- The FCDP provides Technical Assistance to applicants in developing the loan application, including assistance with a business plan and financial projections.
- The small business has to demonstrate the lack of adequate capital or loan funds to fully finance the business needs.
Use of Funds:
Microlending funds from the Fairmont Community Development Partnership can be used to finance any customary capital or operating needs of the business with the exception of:
- payment of delinquent taxes
- product development costs
- organizational costs
- debt refinancing
- financing gap
The business has to demonstrate the need for loan funds to fully finance the business operations.
Up to $10,000, which can be used for working capital, real estate for the use of a small business, and for machinery and equipment.
Loan terms are up to five years. There are options to defer principal payments, amortize over longer periods or establish seasonal schedules as needed.
Decisions on a loan will be made on the basis of the following:
- The small business’ need for a loan.
- The character and management ability of the principals; cash flow available to repay the loan;
- collateral for the loan; past credit history; debt; tax history.
- Demonstration of sustainable business models and or practices.
- Owners’ credit score(s)
In order to process your business loan application in a timely manner, the following documents, along with other supporting material outlined on the Microloan Program Checklist must be submitted for a completed loan package:
- Business Loan Application Form and supplemental checklist
- Business Plan, resume, and business reference
- Personal & Business Tax Returns for the past 2 years;
- Cash Flow Projection for 2 years;
- Current P & L for existing businesses.