The Chamber recognizes that starting and successfully running a small business can be a challenge, particularly during that initial start-up phase. Some ambitious business owners may not have the ability to get a loan from a bank, or at least a loan that fits their needs. Therefore, the Chamber’s Board of Directors has designated a set amount of funds for a low interest loan program for members.
The minimum loan amount in this program is $5,000 and the maximum is $20,000. Qualified borrowers have the option of a variable interest rate at the Prime Rate or a fixed rate of Prime plus 50 basis points. The rates are established at the time of application. The term of the loan will not exceed five years based off the useful life of collateral bring pledged.
Any members that have a need and are interested in applying for a loan through the Chamber’s low interest loan program are invited to submit an application. The low interest loan committee, made up of members of the Chamber’s Board of Directors, evaluates and makes a decision on all applications.
Additional guidelines and an application can be downloaded here.
“Did You Know” is dedicated to reviewing a specific benefit of Chamber membership as a means of reminding our members of the ways the Chamber can help you increase revenue or decrease costs in your business or organization.