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General Inquiries: (441) 292-5570
General Micro Loan
BEDC has allocated $200,000 in funds to be used to facilitate small loan amounts up to $20,000. The BEDC will offer a 100% guarantee on the loans to qualified applicants. The Micro-Loan product was developed in response to an identified gap in the lending market. Results from the BEDC’s bi-annual stakeholder survey showed that small businesses needed financial assistance for small loan amounts that the banks would not typically finance for commercial purposes. The Micro Loan is designed to assist start up and businesses with inventory purchases and/or capital items directly related to increasing sales or services.
Debt Consolidation Micro Loan
BEDC has allocated $200,000.00 to provide existing business owners with assistance to help them consolidate back business debts between $5,000 and $20,000.
The Debt Consolidation Micro Loan, a bridge product to BEDC’s initial pure business development microloan, was created in line with BEDC’s dialogue with small businesses over the last 3 years. Many communicated that, primarily due to the recent recession, such a product would be helpful to consolidate small debts, reduce their carrying costs, and thereby increase business cashflows.