MAY Coalition has two loan programs.
One is for any qualifying business that agrees to create new employment opportunities for residents of the three counties. These loans can range up to $250,000. The jobs created must be full-time and non-seasonal and must pay at least $6.00 per hour. Generally one job is created for each $20,000 of loan.
The second loan program is for low to moderate income business owners. The difference is that these businesses do not necessarily have to create new employment opportunities for others. The loans can be used as an investment to enhance the owner's income. These loans are limited to amounts up to $25,000.
The MAY Coalition charges a rate based on the prime rate and inflation rates at the time of the loan. Terms of most loans range up to five years. Terms of larger loans that involve long term needs can range up to 15 years and must meet USDA Rural Development requirements. MAY Coalition charges no application fee and no points. However, the borrower is required to pay the attorney's fees and recording fees associated with the loan.
The second loan program is for low to moderate income business owners. The difference is that these businesses do not necessarily have to create new employment opportunities for others. The loans can be used as an investment to enhance the owner's income. These loans are limited to amounts up to $25,000.
The MAY Coalition charges a rate based on the prime rate and inflation rates at the time of the loan. Terms of most loans range up to five years. Terms of larger loans that involve long term needs can range up to 15 years and must meet USDA Rural Development requirements. MAY Coalition charges no application fee and no points. However, the borrower is required to pay the attorney's fees and recording fees associated with the loan.
How it works
All applicants must complete MAY Coalition's two page pre-application form, provide tax returns for two years, a personal financial statement and a business plan. We are happy to assist in any way possible, and can put you in contact with further resources if needed!
There is no set time frame for the loan approval process. The more detailed and organized the application, the quicker our board will be able to make a decision. The Board is composed entirely of volunteers!
MAY Coalition loans are not right for everyone. Sometimes your local bank is the place to go. However, our loans offer several advantages. The MAY Coalition's rates can provide significant savings over the term of the loan. Loan decisions are made locally. Closing costs are usually lower with MAY Coalition loans.
The MAY Coalition is not a government agency. With most loans there is no government involvement. For USDA Rural Development loans, additional paperwork and a life insurance policy with a value in the amount of the loan are required.
There is no set time frame for the loan approval process. The more detailed and organized the application, the quicker our board will be able to make a decision. The Board is composed entirely of volunteers!
MAY Coalition loans are not right for everyone. Sometimes your local bank is the place to go. However, our loans offer several advantages. The MAY Coalition's rates can provide significant savings over the term of the loan. Loan decisions are made locally. Closing costs are usually lower with MAY Coalition loans.
The MAY Coalition is not a government agency. With most loans there is no government involvement. For USDA Rural Development loans, additional paperwork and a life insurance policy with a value in the amount of the loan are required.