Who is Eligible to Participate in the Micro Loan Program?
Individuals who may otherwise be unable to secure financing from traditional lenders and need assistance in accessing safe and affordable capital to expand or create a small business in Madison County.

How to Participate in the Micro Loan Program?
Justine PETERSEN approves the loans through an application process which includes creating and submitting a business
plan. Counselors working with the program are available to assist applicants with this process.

What are the terms of the loans?
A flexible loan package will be arranged to meet the individual business owner’s specific needs. Borrowers are required to make affordable monthly payments for the term of the loan, which may not exceed 6 years.

How much can a qualifying business owner borrow?
Loan applications ranging from $250 up to $35,000 will be considered. Loan approval is based on the five “C’s” of lending (credit,capacity, collateral, capital and character).

What is the interest rate?
The loan interest rates are fixed and range between 8.625 – 9.5%.

Are there any fees associated with the Micro Loan Program?
Yes, there is a $100.00 loan origination fee that is due at loan closing. A technical assistance fee of $8.33 per month is also applicable once the loan is approved.

How are Loan Funds distributed?
Our program administrator, Justine PETERSEN, makes all checks payable directly to the third-party vendor. Borrowers must provide proof of purchase such as written invoice verification.

Are any additional services available to participants of the program?
Services provided:

• One-on-one counseling and technical assistance
• Credit building strategies - Strong personal financial stability supports sound business financial management
  and therefore, all counseling begins with a review of personal credit history and a plan to address barriers to safe
  and affordable financing.
• FDIC Money Smart Curriculum
• Business Planning through a simple questionnaire to assist existing informal businesses that do not have written business plans to transition from informal to formal businesses
• Micro loan origination
• Post-loan technical assistance for those that struggle to meet their business plan benchmarks and for those that are expanding their businesses

Important Stats Of Justine PETERSEN’s Assisted Businesses:

• 87% of Micro Loan recipients started and still operate a business after one year
• 92% of the businesses experienced an increase in business revenue
• 82% of the businesses have an increase in owner’s draw

Getting Started
Considering starting a business in Madison County? Begin by meeting one-on-one with a Justine PETERSEN counselor who will assist you through the business planning process.

To Apply

• STEP 1 - Go online to www.justinepetersen.org/content/loan-products
• STEP 2 - Download and complete micro loan application and business plan questionnaire
• STEP 3 - Schedule an appointment with one of Justine PETERSEN’s counselors