Type of Program:
Impact Loan offers financing of up to $5,000 to local enterprises that want to start or grow their business.
Comments on Funding:
Funding is up to $5,000, with the option of an additional $5,000 Step-Up Loan after one year. The yearly interest rate is Libro Credit Union’s Prime Rate + 2%.
When It Ends:
The applicant must:
The Applicant must:
Meet with the coordinator to evaluate the business idea and eligibility.
Gather required documents and complete a formal application. A credit check will also be performed.
Complete a formal business plan, as well as prepare to present his business idea.
Meet with Libro Credit Union staff to set up a business account and obtain the funds, if the loan is approved.
Applicants must submit the following:
Other Things to Note:
Same status in January 2021 and January 2022: Due to COVID-19, we are currently not taking any new applications until further notice.