HFLA Business loans are intended to address small businesses and start-ups’ 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. The maximum loan amount is $20,000.

For an online application click here.

HFLA’s 0% interest loans address the capital needs of small businesses and start-ups when traditional lenders are unwilling to take on the risk.

General Qualifications: 

• Live and do business in Cuyahoga, Lake, Lorain, Geauga, Mahoning, Medina, Portage, Summit, or Trumbull counties.
• Have enough income to make monthly payments to repay the loan.
• Lack the ability to obtain the needed funds from a conventional lender like a bank or credit union.

It is not easier to get a business loan from HFLA, but the barriers are lower. We will request the same information required from a traditional lending institution and the Business Loan Committee will review these documents in detail.

Required Documentation

These documents will be used to understand the financial state of the business and the business owners. If you need assistance preparing these documents, HFLA can refer you to partners who can help. In addition to the application, we will ask to see the following:

 

 

 

Business Documents

Operating Agreement

Proof of current insurance for the business

Lease agreement (if possible)

Previous year’s income statement (P+L)

Balance Sheet

Statement and details of business debt

12-month projection

Most recent business tax return

Two months of business bank statements (most recent)

Resumes of all business owners

 

Personal/Household Documents

Two most recent months of personal bank statements

Most recent personal tax return

Household budget (template will be provided for you)

Pay stubs or proof of any additional income (for the household)

Statement and details of personal debt

Any other additional household income considered (spouse/partner income), will require documentation (income, bank statements, and credit report).

 

Additional information:

• HFLA will request additional documents during the loan process.
• If a loan is approved, HFLA may file a lien on the company’s assets
• There are no prepayment penalties or fees.
• All repayments commence in the month following the initial loan disbursement.

The general repayment schedule for Business Loans is as follows (this schedule may change as decided by the Loan Committee):

Amount	Term
Up to $4,000	12-15 months (~$300/month)
Up to $8,000	24 months (~$330/month)
Up to $15,000	36 months (~$420/month)
Up to $20,000	48 months (~$420/month)

 

Click here to download application.  

Featured image: Businesses Loan Recipient, Angela and her daughter; Owner of PipeNHot Grill.