In Business / August 2006
Wanted: Women with Dream$
There may not be gold in the hills of West Virginia, but there may be some funding. Women business owners or women who want to be business owners may be eligible for unsecured business loans from $5,000 to $50,000, to start a business or as working capital. Women interested in exploring the possibilities can attend one of the Financial Opportunities workshop being held throughout the state to learn more about the CommunityExpress and other SBA loan programs.
The Small Office Home Office (SOHO), which falls under SBA’s CommunityExpress Loan Program is a pilot program developed in collaboration with the National Community Reinvestment Coalition (NCRC). The SOHO small business loan requires no collateral, no tax returns, no business plans or financial statements. Loans can be approved in the amounts of $5,000 to $50,000. Loan proceeds can be used for equipment and machinery, working capital, inventory or business expansion. Loans will be funded for a seven or ten-year term with no pre-payment penalty and have an interest rate of Prime plus 4.5 or 4.75 percent. There is a packaging fee required, which varies with each lender, that is refundable if the loan is not approved.
To be considered for a loan, applicants must have NOT have: defaulted on a prior government loan, including a student loan, be delinquent on child support; or have an IRS tax lien filed against them. Loan applications are also processed through various technical assistance providers located throughout the state.
Workshops will be offered from 11-1 on September 5 in the Chester-Newell area of Hancock County and in the evening, from 6-8 pm, on September 5 in Morgantown.
In Philippi and Kingwood, the workshops will be offered in the morning, from 8-10, September 6 in Philippi and that evening at Kingwood, from 6-8 pm.
On September 7, the BizTech Center will host the program in Kearneysville from 9-11:00 am. The afternoon of September 7, the workshop will be offered in Romney from 2-4 pm.
September 8, entrepreneurs can plan on the workshop in Parkersburg from 10 am-12 noon at the WorkForce WV Center.
For specific sites and to register for a workshop or for more information, contact Barbara Carder of the SBA, (800) 767-8052 ext. 8, or email: barbara.carder@sba.gov. To schedule an event, contact Rick Haney at the SBA at (304) 623-5631 ext. 230 or email richard.haney@sba.gov.
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