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.

 

Eligible Businesses:

  • 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.

 

Management Capacity:

  • 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.

 

Technical Assistance:

  • The FCDP provides Technical Assistance to applicants in developing the loan application, including assistance with a business plan and financial projections.

 

Financing Gap:

  • 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.

 

Loan Amounts:

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 Rate:

4%

 

Loan Terms:

Loan terms are up to five years. There are options to defer principal payments, amortize over longer periods or establish seasonal schedules as needed.

 

Closing Costs:

$100

 

Loan Decisions:

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)

 

The Process:

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.