Loan Description: Business Loan
HFLA Business loans are intended to addresses small business and start-up need for capital when traditional lenders are unwilling to take on the risk. HFLA’s 0% interest loans enable businesses to meet demand and grow their company.
For an online application click here.
Important things to know:
- Loan applicants must be businesses located in the 8 county service area (Cuyahoga, Geauga, Lake, Lorain, Mahoning, Medina, Portage, Summit, and Trumbull) that are unable to obtain the money from a conventional lender or other sources.
- The maximum loan amount is $20,000.
- Each owner of the company having a 20% or more interest, shall guaranty the loan.
- HFLA may file a lien on the company’s assets upon loan approval.
- Additional collateral may be requested at the discretion of the loan committee/board (Cost associated with filing a security interest in favor of HFLA is borne by the Borrower).
Required Documents:
- Most recent balance sheet (Click here for a balance sheet template)
- Y-T-D income statement & prior full-year income statement (Click here for a template to complete income statements)
- 12 month financial projections (Click here for a template to complete 12-month financial projections)
- Two (2) months most recent bank statements
- Most recent tax returns for the business and owners owning 20% or more of the business
- Resumes of all business owners owning 20% or more of the business
- Articles of Incorporation/Organization (registration with Ohio Secretary of State)
- Operating Agreement
- Proof of Insurance for Business
- Lease Agreement (if applicable)
- Business plan (optional)
Learn more: How to Apply
Featured image: Businesses Loan Recipient, Angela and her daughter; Owner of PipeNHot Grill.