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Re: Business plan + funding

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  • Rolfe Larson
    Here are more comments on debt financing for social enterprises. Previous comments on this thread can be found here:
    Message 1 of 1 , Apr 2, 2013
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      Here are more comments on debt financing for social enterprises.

      Previous comments on this thread can be found here:

      http://finance.groups.yahoo.com/group/npEnterprise/pending?view=1&msg=11883

      (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.

      Michelle Rock
      Program Manager
      Economic & Workforce Development
      BROC –Community Action in Southwestern VT
      mrock@...

      (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!

      Cindy Butler
      Executive Director Unmarried Equality and startup coach
      Seattle WA

      [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.]
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