Appleseed Microfinance, which is based at the Braintree Business Development Center in Mansfield, provides small capital for small businesses in the 21 counties of Northeast Ohio. Eligible businesses with annual revenues of less than $1 million can receive loans between $1,000 and $35,000, which can be used for equipment, inventory, business debt restructuring, working capital and short-term projects. Startups and existing businesses, as well as home-based companies, are all encouraged to apply.
The length of these loans depends on the loan amount and the investor’s use of funds, with a maximum term of five years. In addition:
- The loan’s interest rate is fixed at the prime rate + 4%
- Loans require a personal guarantee from all owners
A non-refundable $50 application fee is required, and the closing fee is 1% of the loan amount.
“The Appleseed Microfinance Fund is designed to bridge the gap when banks aren’t able to provide the capital that businesses need. We’re able to step in and provide that capital, pump up an entrepreneur’s credit score and get them back into the traditional banking system. We’ve kept it as flexible as possible to meet small business needs.”—Barrett Thomas, Microfinance Program Manager, Braintree Business Development Center
To apply, contact Barrett Thomas at 419.525.1614.