We can help You and your Business!
The Hispanic Economic Development Corporation is dedicated to improving the lives of Latinos within the greater Kansas City. HEDC achieves this area through business development and economic and community wealth creation initiatives.
It is important for individuals to be wise with their finances whether it is personally or for their business. Keeping or establishing good credit is essential to their financial success. HEDC’s business development executives will guide you through the understanding of your financials. At HEDC we offer technical assistance for existing business owners and/or aspiring entrepreneurs.
Do you have a business and want to expand?
As part of our continuous efforts to better serve our clients, HEDC has now produced a way to offer Micro-Loans to existing clients. The Micro-Loan program is a way to fulfill the needs of our clients, whether it is to assist with the purchase of new equipment, assist with cash flow, or the purchase of a delivery van. The program offers an open minded underwriting approach, competitive interest rates, and one-on-one guidance throughout the loan process.
Basic information that HEDC would require to approve a loan request, would include the company’s last two years tax returns, last two years income statement and balance sheets, last 3 months bank statements, year to date income statement and balance sheet, a personal financial statement, and the HEDC Loan Application. We would also be open to discussing any other potential financial information you may already have, that could assist us in making a decision. Once we have received the materials requested, we would then be able to process your request. Typically, once we have received your complete information, we can have a pre-approval to you within 24-48 hours.
Collateral that is acceptable for these type of loans range from: Company vehicles, equipment, inventory, accounts receivable, contracts, and real estate. With our open minded underwriting approach, we believe that we can find a way to make your loan request work for both parties. Loan terms (payments, length of loan, rates) are discussed with you throughout the loan process, and are negotiable. Typically, loan terms will not exceed 36 months, payments are made on a monthly basis, and rates vary on the type of collateral provided. HEDC’s goal is to serve you as our client, to create a solution that will assist you, and to continue the success of your business.
Micro Loans Measured Impact.
Many minority entrepreneurs are unable to access working capital from traditional financial institutions because they are too young or too small. IMPACTO Fund works to expand access to financial mobility.
Our borrowers enter the financial mainstream with microloans that build a positive credit history and provide the working capital needed to expand operations and hire or retain employees
Microloans help low-income entrepreneurs build their financial history today, preparing them for traditional borrowing in the future.
Median loan size: $1500 – $25,000
Total loaned: $231,000
Repayment rate: 97%
Woman – owned business 33%
Average household income: $21,750
Business survival rate: 95%
Jobs created or retained per loan: 2
Economic impact: 11 new jobs created
Loan amounts $500.00 – $25,000
Fixed interest Rates 6.5%- 18%
Loan Terms 1 – 5 years