July 17, 2017 | By Elle Steinman
West Chester BID is pleased to have an informal association with First State Community Loan Fund, Wilmington DE.
Since 1992, First State Community Loan Fund has pumped over $27-million into local economies, supporting more than 1,100 businesses and community-based organizations in the counties of New Castle DE, Kent DE, Sussex DE, Delware PA and Chester PA.
Local businesses desiring business loan services for start-ups or expansion will find First State Community Loan Fund a great resource.
How it works:
First State CLF offers loan products that are designed to support small business and community development projects that do not qualify for loans through mainstream financial institutions. By emphasizing cash flow analysis, considering non-traditional collateral and offering flexability in the loan structuring, First State CLF is able to provide access to capital through Micro Loan Funds, Business Growth Funds, and Community Development Loan Funds. They also offer technical assistance to help prepare and support candidates for the application and underwriting process, and specialized training through their Retail Assistance Program and Women’s Business Center, which are both designed to support small businesses and their owners.
Micro Loan Fund:
Provides loans ranging from $5,000 to $50,000 for small business sart-up and expansion, including working capital, inventory, and equipment.
Business Growth Fund:
Helps established businesses expand with loans ranging from $51,000 to $250,000 for working capital, inventory, equipment, leasehold/capital improvements and real estate acquisition.
Community Development Loan Fund:
Supports both non-profit and for-profit community-based projects, such as childcare centers, community centers and mixed use properties, with a maximum loan of $500,000.
To find out more about First State CLF and to complete a “Request for Counseling” application, visit www.firststateloan.org, or contact Malcolm Johnstone, Executive Director of the West Chester BID, at 610-738-3350.