Partnership Funds

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

Contacts

Wilmington Economic Development Corporation

http://wedco.org/wedcoloanprogram.php

Category: Partnership

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