Our friends at the Sustainable Economic Development Initiative (SEDI) have a great program to assist small businesses.
For more than four years, SEDI’s Dollars for Dreams business micro-loan program has been helping entrepreneurs make their dreams come true and created new jobs in our community.
They have money available to lend to northern Arizona start-ups, existing businesses and home-based ventures lacking established credit and access to capital.
Loan amounts are based on the number of jobs they will help create. Additionally, the loans help SEDI borrowers learn about and establish credit. SEDI reports loan payments to national credit agencies, and mentors clients on best practices to grow their businesses.
The short-term loans (with a 24-month maximum term) have an annual interest rate of 3.5 percent. There are no application fees or loan origination charges. SEDI is particularly interested in making loans to Native American and minority business owners and entrepreneurs.
If you know of a business that wants to expand or an entrepreneur who wants to launch a startup in Apache, Coconino, Mohave, Navajo or Yavapai Counties that could create jobs and could benefit from a micro-loan, please have them contact Eric Marcus for more information at firstname.lastname@example.org.
Growing our own businesses right here in northern Arizona is one of the best economic development investments we can make. Micro-loans have macro benefits.