Everyday across the state of Ohio, entrepreneurs in all stages of business growth and development are in need of funding. According to the Small Business Administration (SBA), 69 percent of small businesses utilized financing in 2016, while 31 percent were unable to secure necessary funding. For most small businesses, any influx of cash from an outside investor—or lack thereof—can make or break the business.
ECDI, a Community Development Financial Institution (CDFI), is all too aware of the vulnerability and volatility that entrepreneurs face in the small business arena and works to combat those negative characteristics by providing inclusive loan products tailored to those in all stages of business development. To further serve its mission of assisting small businesses and fostering job creation in Ohio, ECDI has introduced a limited-time loan product called Small Business Solutions. This new loan product offers small business owners a much needed cash infusion— to purchase equipment and software, pay for licensing and training, or build inventory.
Small Business Solutions loans max out at $2,500 with a quick and transparent application process, a low fixed interest rate (7 percent), and no closing costs. Thus, it is an attractive alternative to reliance on credit cards or less affordable financing options. In lieu of an application fee, applicants are asked 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 to the loan product is that it is a quick process. Once an eligible client has submitted their application, the underwriting and closing process will be completed in less than two weeks. The Small Business Solutions loan is also a low-risk way for clients to quickly boost their credit score—paving the way for improved bankability and business growth in the future.
When LaVanya Watkins of Tiger Mushroom Farms, a small family-run mushroom farm, came to ECDI, she was seeking a small amount of funding to meet an immediate need—to purchase grow equipment to take her business one step closer to sustainable profitability. With $2,500 that she was lent, Watkins was swiftly able to make her business more viable.
“It was simple and easy to apply and receive funds,” she says.
Now, the success of Tiger Mushroom Farms has the business looking to expand distribution for their award-winning Shiitake & Onion Soup Mix.
Whatever the specific needs of your small business, ECDI’s Small Business Solutions loan can act as a catalyst to 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 assisted Ohio’s entrepreneurs through its one-stop shop business services model, suited to meet the needs of all entrepreneurs, regardless of what business stage they’re in. From providing capital to entrepreneurs looking to expand their businesses, to providing focused, business-specific educational opportunities to enhance entrepreneurial skill sets, ECDI works with their clients to meet their unique needs. Whether assisting a new client with a business concept or an accomplished entrepreneur opening a fifth location, ECDI’s “never say no” approach has allowed over twelve thousand entrepreneurs to take advantage of the services it provides. Visit ecdi.org today to learn more.