Every day in the state of Ohio, entrepreneurs at all stages of the growth and development of their businesses need financing. According to the Small Business Administration (SBA), 69% of small businesses used financing in 2016, while 31% were unable to obtain the necessary financing. For most small businesses, any influx of money from an outside investor – or the lack of it – can make or break the business.
ECDI, a community development finance institution (CDFI), is all too aware of the vulnerability and volatility that entrepreneurs face in the small business arena and strives to combat these negative characteristics by offering inclusive loan products adapted to all stages of the company’s development. To better serve its mission of assisting small businesses and promoting job creation in Ohio, ECDI has introduced a limited-term loan product called Small Business Solutions. This new loan product gives small business owners a much-needed injection of cash to purchase equipment and software, pay for licenses and training, or build inventory.
Small Business Solutions loans are up to $ 2,500 with a fast and transparent application process, low fixed interest rate (7%) and no closing costs. It is therefore an attractive alternative to dependence on credit cards or less affordable financing options. In lieu of an application fee, applicants are encouraged to become members of the Women’s Business Center (WBC), where they can take advantage of a variety of training and networking opportunities and one-on-one business coaching.
Perhaps the most valuable aspect of the loan product is that it is a quick process. Once an eligible customer submits their request, the subscription and closing process will be complete in less than two weeks. The Small Business Solutions loan is also a low-risk way for clients to quickly improve their credit rating, paving the way for better bankability and future business growth.
When LaVanya Watkins of Tiger Mushroom Farms, a small family mushroom farm, came to ECDI, she was looking for small funding to meet an immediate need: to purchase growing equipment to bring her business closer to sustainable profitability. With $ 2,500 loaned to him, Watkins was quickly able to make his business more viable.
âIt was simple and easy to apply and receive funds,â she says.
Today, the success of Tiger Mushroom Farms prompts the company to expand the distribution of its award-winning shiitake and onion soup blend.
Whatever the specific needs of your small business, ECDI’s Small Business Solutions loan can act as a catalyst for growth and sustainability.
Applications for the Small Business Solutions loan product must be submitted and closed by October 19. For more information on this product, visit ecdi.org/invest/SmallBizSolutions.
Since 2004, ECDI has helped entrepreneurs in Ohio through its one-stop business services model, tailored to meet the needs of all entrepreneurs, no matter what stage of business they find themselves in. Targeted and company-specific educational opportunities to enhance entrepreneurial skills, ECDI works with its clients to meet their unique needs. Whether it is helping a new customer with a business concept or an accSuccessful entrepreneur by opening a fifth site, ECDI’s ânever say noâ approach has enabled more than twelve thousand entrepreneurs to take advantage of the services it provides. Visit ecdi.org today to learn more.