Re: Business plan + funding
- Here are more comments on debt financing for social enterprises.
Previous comments on this thread can be found here:
(1) From Michelle Rock
Don’t forget to check out your local Community Action Agency. Many have micro-business development programs to assist low income entrepreneurs who want to start a business as a means out of poverty. For more information, please feel free to call me. You will be amazed at what CAA’s can do for Economic & Workforce Development.
Economic & Workforce Development
BROC –Community Action in Southwestern VT
(2) From Cindy Butler
An FYI - the Small Business Administration (SBA) cannot make loans to nonprofits. For a for profit venture, definitely apply to a local Community Development Funding Institution (CDFI) that can work with you to apply for an SBA loan. Borrowers do not work with the SBA directly. If you want me to help you find a CDFI, let me know!
Executive Director Unmarried Equality and startup coach
[Editor's note: heres a directory of CDFIs: http://www.opportunityfinance.net/industry/industry_locator.asp
Please note that CDFIs are not necessarily limited to making loans where they are located. So it's worth looking for CFDIs in other areas whose financing priorities might fit better with your business.
That said, it's still a good plan to start with a nearby CDFI, who, if they're not the right match for you, might be able to help you identify other CDFIs with a better fit. They also often have intro sessions or workshops on what your business needs to have to apply for a loan, and their criteria for evaluating loans. This can be useful for wherever you apply for a loan.]