WEDCO loan fund
Eligibility
- Businesses within the City of Wilmington
- Principal(s) has direct experience in the industry for at least two years
- Good Business Plan
- Adequate personal credit history
- Clearly defined and accessible target market
Loan Size
- Maximum $75,000
- Minimum $5,000
Loan Rate
- Depends upon project, collateral and ability to repay. The initial rate is based off of Prime but is fixed at the time of funding.
Use of Funds
- Working Capital
- Inventory
- Machinery & Equipment
- Leasehold Improvements
Loan Term
- Maximum of 6 years
Collateral
- Personal Guarantees of Principals
- Business Assets
- Personal Assets, if applicable
Wilmington Economic Development Corporation
https://wedco.org/Category: Partnership
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