MICRO ENTERPRISE PROGRAM GUIDELINES
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MICRO ENTERPRISE REVOLVING LOAN FUND PROGRAM The City of Richmond’s Micro Enterprise Re- volving Loan Fund Program is designed to provide financial assistance, training and counseling services to eligible microenter- prises. A microenterprise is a business that has five (5) or fewer employees, one or more of whom owns the enterprise. Local Incentives Contacts Rick Winston [email protected] (804)646-5036 Wilken Fernandez [email protected] (804)646-0361 Denise Lawus [email protected] (804)646-1766 PROGRAM GUIDELINES The overall goal of the Program is to provide spe- cialized training and one-on-one technical assis- tance to eligible microenterprise businesses on how to operate and expand a successful business. Program eligible participants will be referred to the Office of Minority Business Development for evaluation and initial counseling. Staff will meet with the participant to ascertain readiness and obtain the necessary information needed to for- mulate a training/technical assistance plan. Funds under this program are provided to eligible microenterprise businesses in the form of loans with a maximum loan amount of $50,000, average loan amount will be between $10,000-$25,000. The applicant must be at least twenty-one (21) years of age and be a legal United States resident. The business must have a location within the City of Richmond. Example: Food trucks that are stored outside the City but have a licensed loca- tion in the City of Richmond may qualify. The applicant must have clearly defined business goals and demonstrate a commitment to working to make the business a success. Funds under this program are restricted to certain costs. Some common eligible costs include: Permanent working capital; acquisition of furni- ture, fixtures and equipment; purchase of rolling stock; purchase of software and computers; lease- hold improvements; government contract receiva- ble financing. Businesses must be in operation for at least two (2) years to receive loan and/or grant consideration. Individual consideration will be given to start-ups(new businesses in operation for less than two (2) years.) All borrowers must be able to show a minimum of twenty percent (20%) or more equity investment or equity position in the business. The applicant and/or business must not have rec- orded tax liens and must be current in filing all withholdings and/or other applicable taxes. Applicant/borrower must not have experienced personal or business bankruptcy within the past twelve (12) months .
Transcript of MICRO ENTERPRISE PROGRAM GUIDELINES
MICRO ENTERPRISE
REVOLVING LOAN
FUND PROGRAM The City of Richmond’s Micro Enterprise Re-
volving Loan Fund Program is designed to
provide financial assistance, training and
counseling services to eligible microenter-
prises. A microenterprise is a business that
has five (5) or fewer employees, one or more
of whom owns the enterprise.
Local Incentives Contacts
Rick Winston
(804)646-5036
Wilken Fernandez [email protected]
(804)646-0361
Denise Lawus
(804)646-1766
PROGRAM GUIDELINES
The overall goal of the Program is to provide spe-
cialized training and one-on-one technical assis-
tance to eligible microenterprise businesses on how to operate and expand a successful business.
Program eligible participants will be referred to the Office of Minority Business Development for evaluation and initial counseling. Staff will meet with the participant to ascertain readiness and obtain the necessary information needed to for-
mulate a training/technical assistance plan.
Funds under this program are provided to eligible microenterprise businesses in the form of loans with a maximum loan amount of $50,000, average loan amount will be between $10,000-$25,000.
The applicant must be at least twenty-one (21) years of age and be a legal United States resident.
The business must have a location within the City of Richmond. Example: Food trucks that are stored outside the City but have a licensed loca-
tion in the City of Richmond may qualify.
The applicant must have clearly defined business goals and demonstrate a commitment to working to make the business a success.
Funds under this program are restricted to certain costs. Some common eligible costs include: Permanent working capital; acquisition of furni-
ture, fixtures and equipment; purchase of rolling stock; purchase of software and computers; lease-
hold improvements; government contract receiva-
ble financing.
Businesses must be in operation for at least two (2) years to receive loan and/or grant consideration. Individual consideration will be given to start-ups(new businesses in operation for less than two (2) years.)
All borrowers must be able to show a minimum of twenty percent (20%) or more equity investment
or equity position in the business.
The applicant and/or business must not have rec-
orded tax liens and must be current in filing all withholdings and/or other applicable taxes.
Applicant/borrower must not have experienced personal or business bankruptcy within the past twelve (12) months .
PROGRAMA DE
PRÉSTAMOS DE
FONDOS
REVOLVENTES PARA
MICROEMPRESAS El Programa de Préstamos de Fondos Re-
volventes para Microempresas de la Ciudad
de Richmond está diseñado para proveer
servicios de consejería, entrenamiento y asis-
tencia financiera a las microempresas elegi-
bles. Una microempresa es un negocio que
tiene como máximo cinco (5) empleados, de
los cuales al menos uno de ellos es dueño de
la empresa.
Contactos para Incentivos Locales
Rick Winston
(804)646-5036
Patricia Foster
(804)646-7966
Denise Lawus
(804)646-5633
Wilken Fernández
(804)646-0361
GUÍAS DEL PROGRAMA
La objetivo general del programa es proveer entrena-
miento especializado y asistencia técnica personalizada a las microempresas elegibles, en cómo operar y expandir un negocio, de manera exitosa.
Los participantes elegibles al programa serán referidos a la Oficina de Desarrollo de Negocios Minoritarios para una evaluación y consejería inicial. Una persona de dicha oficina se reunirá con el participante para determinar la preparación y obtener la información necesaria para for-
mular el plan de entrenamiento/asistencia técnica para el negocio.
Los fondos para este programa son proveídos en forma de préstamos a microempresas elegibles, hasta un máxi-
mo de $50,000 y con un monto promedio entre $10,000 y $25,000.
El solicitante debe de tener al menos 21 años de edad y ser residente legal en los Estados Unidos.
El negocio debe estar localizado dentro de los límites de la Ciudad de Richmond. Ejemplo: Los Carros de comida que pernoctan fuera de la Ciudad, pero tienen la licencia para vender en la Ciudad de Richmond, pueden calificar.
El solicitante debe tener claramente definidas las metas del negocio y demostrar el compromiso a trabajar para lograr que su negocio sea un éxito.
Los fondos bajo este programa están restringidos a ciertos costos. Algunos costos comunes son: Cap-
ital de trabajo, permanente; compra de muebles, equipos y accesorios; compra de materiales; compra computado-
ras y programas; mejoras al local que se alquila; finan-
ciamiento de contratos gubernamentales.
Los negocios deben estar en operación por al menos dos
(2) años para ser considerados para un préstamo y/o subvención. Se considerará, de manera individual, a los negocios emergentes o nuevos (que han estado en operación un lapso menor a dos (2) años.)
Todos los solicitantes del préstamo deben ser capaces de mostrar que tienen una participación de al menos un 20% de inversion, o posición de equidad, en el negocio.
El solicitante y/o el negocio no deben haber tenido gra-
vámenes tributaruios y deben estar al corriente con la retención de impuestos a trabajadores y con otros im-
puestos aplicables.
El solicitante/prestatario no debe haber experimentado bancarrota, ya sea personal o del negocio, en los últimos doce (12) meses .
