The need
MEDA’s new community loan fund — Adelante Fund — is now poised to provide loans to small-business owners who cannot access affordable bank loans. Adelante Fund loans can be used for any business purpose from lease improvements and supplies/inventory to equipment and working capital. Knowing that many small businesses struggle to access the lending capital that is oftentimes necessary to help these ventures grow, MEDA was compelled to start Adelante Fund for the low-income community.
Adelante Fund’s difference
This not your typical loan fund. These forward-thinking loans are earmarked for the low-income community and have significant benefits.
- There is no cost to apply.
- These are fixed-rate term loans from $5,000 to $100,000.
- Loan products are always offered in combination with FREE one-on-one business coaching (your choice of English or Spanish).
- There is just a seven to nine percent interest rate—far lower than credit card rates and other non-bank lenders, and competitive with many banks.
- Three-year and five-year terms are offered, with no prepayment penalty.
- Individual Taxpayer Identification Number (ITIN) holders are encouraged to apply.
- Clients can build their credit, as all loans are reported to credit bureaus.
- There is no minimum credit score (credit history is considered).
The visionary
Adelante Fund is spearheaded by Community Loan Fund Director Nathanial Owen, who came to MEDA after a successful stint as market manager for Accion Texas’ office in Memphis, Tennessee. Owen’s microlending background was a perfect fit for pushing forth the vision of Adelante Fund for the Mission community.
“I see this loan fund as a tool for preserving the opportunity for low-income families to start and grow their small businesses right here in the Mission,” explains Owen.
Interested in moving your business forward? To see if you qualify for an Adelante Fund loan, please contact: (415) 282-3334 ext. 130 or loans@medasf.org.
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