We fill the gap that conventional financing leaves behind.
Do you need money to start or grow a small business, but aren’t able to qualify for a bank loan? A Mercy Corps Northwest Microloan may be what you’re looking for.
At Mercy Corps Northwest we provide loans to startups and existing businesses who do not qualify for traditional loans. Our goal is to get you the financing you need while you work towards becoming “bankable.”
If you are looking for funding for your business, let’s talk. To start the process, fill out an online loan inquiry and a MCNW Loan Officer will contact you to discuss your financing options and next steps moving forward.
How does the process work?
- Inquire – The first step is to fill out a simple online inquiry and tell us more about the financing you need. It’s easy and takes less than 5 minutes to complete. Filling out an inquiry starts the process and will get you in touch with one of our loan officers.
- Meet – Once the inquiry is complete, a loan officer will connect with you to get your questions answered, help you understand the process, and describe what it takes to have a successful application.
- Apply – Complete our simple application and provide supporting documentation.
- Grow – Startups can borrow up to $20,000 and existing businesses up to $50,000 to invest in their business and grow. Foundations and IDA graduates can also access a streamlined $1,000 loan with flexible use of funds.
All of our loans are reported to the three credit bureaus and have credit-building potential.
What is a Microloan?
Microloans are small loans to made to businesses to start or grow their venture. Our loans have fixed interest rates starting as low as 8% and regular monthly payments over a term of 3-60 months. Loan amounts can be as little as $500 to as much as $50,000 (for start-up businesses, maximum loan amount is $20,000).
|Start-Up: New businesses under a year old||$500 – $20,000||3-60 months||2%|
|Expand/Grow: At least one of year revenue||$500 – $50,000||3-60 months||2%|
|Credit Builder/Incubator: Small dollar business loan to build credit||$500 – $2,500||6-24 months||$25-$55|
|Revolving Line of Credit: Working capital for existing businesses||$1,000 – $20,000||1 year renewable||2%|
What Can I Use The Funds On?
- Purchasing assets for your business such as vehicles, equipment, and fixtures
- Business expansion or opening a new location
- Building and tenant improvements
- Working capital
- Other uses may be considered as well
In short, we want to help you invest in long-term assets for your business that help you grow your venture.
What Can Funds Not Be Used For?
- Operating deficits or overhead
- Personal income or salary
- Emergency situations
- Pre-startup research and development
- Speculative property or ventures (real estate, stock, collectibles, etc.)
- Non-accredited trainings, seminars, or workshop fees or educational materials
- Businesses engaged in illegal activities or activities deemed to be socially or environmentally degrading
Are you a Foundations or IDA graduate looking for a streamlined $1,000 loan? Based upon your participation already with Mercy Corps NW, you are pre-approved for this small loan that can help get you the financing you need and build your credit in the meantime.
Have Questions? We can Answer them!
As a mission-based lender, we prioritize disadvantaged and untapped groups such as entrepreneurs of color, women, veterans, low-income or net worth individuals, as well as startups or businesses who are not yet bank ready. This also includes startups and existing businesses that are not able to access bank financing due to time in business, imperfect credit, or those that are not yet profitable.
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