Meet with the coordinator to evaluate your business idea and eligibility.
You will gather required documents and complete a formal application. A credit check will also be performed.
You will be given the support necessary to complete a formal business plan, as well as prepare to present your business idea.
You will pitch your business idea to a panel of Impact Loan Advisors who will make the final loan decision as well as provide feedback.
If the loan is approved, you will meet with Libro Credit Union staff to set up a business account and obtain the funds.
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%.
The loan is paid back over 12 to 48 months, depending on the loan amount.
Entrepreneurs within the program receive a free business account with unlimited transactions at Libro Credit Union for the duration of the loan.