Working with those involved in the Harvest Directory is always an interesting experience. Some people have decades of business experience when they start out, some just wanted a change of pace and ran with an old idea and no business experience at all. Whether you started with a carefully thought out business plan or just some borrowed money and hopes, the goal is always to do just a little bit more. A little bit more planning, a bit more earning, a bit more organizing to achieve all your hopes for your business.
Regardless of how you may have started out, sometimes you have a particular project you want to tackle but lack the immediate funds to make it happen. Coming from Jean Fabi, Queen Anne’s County Business and Economic Development Liaison, we present a possible loan opportunity to tackle that new project.
Need funding for a small business venture? SCORE Chapter 670 is offering a nano-loan program for residents of Kent and Queen Anne’s Counties. Here’s a summary of the program:
- Loans for operating capital can be uncollateralized for up to $2,500
- Business must be for-profit
- Loans for educational purposes (certification in selected fields) will have to be co-signed
- Recipients, except for educational needs, have to agree to develop a business plan
- Any equipment obtained with loan monies must have receipts and be maintained in good working order
- Form 641 will have to be completed and periodic meetings held with a SCORE mentor
- Loan applications will be approved by a Loan Application Committee
- Term of loan would be tied to amount borrowed at an interest rate equal to the prime rate or up 6.5%
- One year for loans up to $500
- Two years for loans up to $1,000
- Three years for higher amounts
- Monthly payments would be made electronically from recipient’s checking account
- No penalty for pre-payment
- Non-payment would result in reclamation of property over a pre-determined value purchased with loan monies
For more information, contact SCORE Chapter 670, at 410.810.2969.