4/7/2008 THE MINORITY ENTREPRENEURS GRANT & LOAN PROGRAM
If you’ve ever had a great idea for a business, wanted to invest in a franchise or expand an existing business, we can help. The Erie County Industrial Development Agency along with other public partners is establishing a unique grant and loan program for individuals that have the entrepreneurial skills and abilities to be successful business owners. Up to a $5,000 grant will be made available for technical assistance if you’re a start up business. This money can be used for attorneys to help you establish your business, accountants to help you set up bookkeeping or someone to assist you with developing a business plan.
On the loan side, we will make available up to $50,000 with a long-term repayment schedule. Repayment will begin no later than 3 years after the loan is funded with all capitalized interest accrued and added to the principal which will be payable over 7 years. This will ensure that you have the required capital needed in the very early stages of a new venture or expansion.
This program has been funded with $250,000. Therefore since funds are limited, we will be selecting only the most innovative, growth-oriented entrepreneurs. Initially, you will be required to answer a 1-page pre-qualifying questionnaire. This will provide us with preliminary information on your vision and potential for success. We are looking for candidates that possess an entrepreneurial spirit and the passion to take an idea from concept to reality. Individuals from various local community organizations will then review and choose the applications with the highest potential for success.
If selected based on the answers provided in the pre-qualifying questionnaire, which is due by May 1, 2008 you will be invited to fill out an additional 2-page questionnaire and present your plan for success to a Review Committee. This Review Committee will then make the final determinations for awarding funds. Presentations to the Review Committee will be held during the months of June and July, 2008.
Click here for the application!
~Good Luck to All
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