The CCAA is pleased to announce the Craft Business Loan Program. This initiative will assist small craft businesses in acquiring the capital they need to take the next step.
Over the next three years, the CCAA will oversee the disbursement of $200,000 in loans to 30 Detroit area craft businesses. Qualified applicants may receive up to $10,000 in low-interest loans to make capital purchases and improvements for their business. The goal of the program is to make it easy for craft-based businesses to apply for and receive financing. Rolling applications will be reviewed and granted quarterly.
- Up to $10,000.
- Interest rates between 5-7%
- Loans collateralized by equipment where possible. Personal guarantees required.
- Repayment term of 1-3 years.
ELIGIBILITY & SELECTION CRITERIA
- Must be a Craft-based Businesses.
- Must be officially incorporated for at least 1 year.
- Must have been located in Wayne, Oakland, Macomb, or Washtenaw County for 1 year.
- Must plan to remain in Wayne, Oakland, Macomb, or Washtenaw County for the term of the loan.
- Business gross revenue less than $200,000 annually.
- Demonstrated need.
- Reasonable belief that applicant has the ability and trustworthiness to repay the loan in full and on time.
- Preference given to minority and women owned businesses.
*Applicants will be subject to a $250 application fee if selected.
- Online application completed.
- Follow-up interview. Applicant required to present previous tax returns for income verification.
- Final decision made and notification sent to applicant.
- Promissory note executed.
- Funds disbursed.