• Microenterprise Loan Rates

The Small Business and Microenterprise Programs at the LESPFCU offer loans to entrepreneurs interested in starting or expanding their business. Eligible Businesses include sole-proprietorships, partnerships, corporations inclusive of retail, service, restaurants, wholesale, light manufacturing, and small property owners (1-4 family) with properties housing commercial spaces.

A microenterprise is generally defined as a small-scale, often home-based, retail or service operation with relatively small capital needs. The Microenterprise Program was recently developed for LESPFCU members interested in starting or expanding microenterprises, and is designed to increase access to credit and opportunities, especially for women and minorities.

The Program offers:

• Microenterprise Loans: Loans are available up to $15,000 with assistance in planning your business.
• Microenterprise Individual Development Accounts (MIDAs): MIDAs are matched savings accounts where for every $1 you save for your business up to $1,000, you get an additional $1 deposited in your account up to a total of $2,000. You must save for a least one year.
• Free Business Training Workshops: Short workshops on important business topics relevant to small-scale and home-based businesses.

The following are the initial documents needed to apply for an LESPFCU Micro-enterprise Loan:

• A complete application form
• Short Business Plan (or completed “Business Plan Questionnaire”)
• Proof of income – At least one of the following (or all that apply if you receive more than one):
1. Three years of Tax Forms (personal and business), and/or,
2. Financial Statements (if available), and/or
3. Pay stubs (3 most recent),
4. Proof of Public Assistance/ SSI/ SSD
5. Signed, notorized letters from any household member(s) that contribute(s)
6. Income to the applicant and proof of their income (1,3, or 4 above).
7. Proof of payment of home and business rent (if home-based, then rent only)

Other information may be requested, depending on the loan request and the nature of the business.

_LESPFCU is a participant in the SBA’s 7(a) Guaranteed Loan Program.