NMF staff provides technical assistance and financing to individuals who want to start a business or persons wanting to expand and existing business.

Technical Assistance

Technical assistance is provided in combination with financing - before, during and after financing is made. This assistance can include: pre-loan counseling, marketing and management assessment, financial planning and business plan preparation. After financing is made, technical assistance continues with bookkeeping and accounting assistance, marketing strategy, and management and operations strategy. Specialized needs can also be met through other consultants and specialized training programs.

Loan Eligibility and Terms

• Retail, service, manufacturing and other business types are generally eligible.
• Loan funds can be used for equipment, inventory and working capital.
• Real estate, building purchase or construction are not eligible.
• The maximum loan amount is $35,000. There is no minimum.
• Refinancing of existing debt is not eligible.
• Loan terms can be up to six years and the payment schedules depend on the cash flow.
• The current interest rate is 7.5%, fixed for the term.
• All loans must have collateral and are typically subordinate to a lead bank (if involved).

Application Process:

Applicants complete a Request for Service Form, which will guide NMF staff as to whether pre-loan counseling is needed. After completion of applicable pre-loan counseling, a business plan and financing application is assembled which includes: business description, marketing strategy, description of management's experience, cash flow, a personal financial statement, credit report, description of collateral, and two years of tax returns (business and/or personal).

Contact Business Development Specialists
Caryl Turnow or Diane Morey
for more information.