Frequently Asked Questions
Do I have to attend the classes?
It is heavily encouraged that everyone who qualifies for the MED Program should attend the class series. There is a great deal of information and resource material shared as well as great networking opportunities within the group.
I already have a small business, is this program for me?
Absolutely, this is a means of formalizing your self employment venture and strengthening your business skills so everyday operation of your business will be more successful.
I live in another county - can I still be a part of this program?
The Microloan fund is available only to those who live or have their business in Spokane County. However, if you want to travel to Spokane for classes or business counseling we’d be happy to work with you.
How do I qualify for a loan?
First, you must complete the classes and the business plan. The loan application itself is fairly simple, but there are a number of attachments to the loan package that will be required, depending on the type of business. You must also meet the income criteria.
Do I need to have good credit to get a loan?
Bad credit will not automatically disqualify you, however and credit check will be done. You will have an opportunity to explain any slow payments or negative credit ratings. You can also offset bad credit by getting a co-signer, investing your own money or using good collateral.
How long will the loan application process take?
Each applicant’s situation is unique and the time necessary to complete a business plan, loan application and loan review will vary. Once all the planning and application materials are complete, and the loan is approved, it can often be closed within 2 weeks. This is not a quick turnaround loan – there is education and planning involved. However, it is an affordable avenue available to those who have no other sources of funds.
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