The Mercy Corps Northwest Incubator Microloan provides you with the opportunity to grow your business and build your personal credit at the same time.
Upon completion of an approved business training class, you are automatically pre-approved for a small, short term $1,000 loan with flexible use of funds. Use it to acquire equipment, buy inventory, pay off business debt, or build up your working capital – whatever you need to effectively launch or grow your business.
What do you need to do to qualify?
- Complete the MCNW Foundations class or IDA program, or a pre-approved business training class from a partner (see below)
- Demonstrate proof of earned income for loan repayment (i.e. your most recent tax return, or your last 2 months of paystubs)
- Register with the state and show federal EIN
- Open a business checking account
- For credit purposes, you must have no active bankruptcies in the last 12 months, no current delinquencies, and no outstanding collection accounts (we pull and provide your credit report)
Once you successfully pay off your first loan of $1,000, you are automatically pre-approved for an additional loan of $2,500 under the same qualifications. The same streamlined application process applies, making it easy to access capital and grow.
Ready to get started? Let’s talk. To start the process, fill out a simple online loan inquiry and a MCNW Loan Officer will contact you about next steps.
Approved Business Training in Oregon:
Approved Business Training In Washington: