Microloans

Women Empowered (WE) is committed to empowering island women through career and professional development.  Microloans can be used for: attending training programs, seminars, continuing education courses including ACE MV, goal directed college courses, workshops, seminars, conferences; gaining certification or licensing for certified nursing assistants (CNA) home health aides, or for purchasing equipment such as: computers, printers, etc.

 

 

LOAN APPLICATION GUIDELINES

FOR CAREER AND PROFESSIONAL DEVELOPMENT

 

Thank you for your interest in the WE MicroLoan Program. Included find the loan application form and guidelines.  The following will briefly explain the loan application procedures:

 

Loan Process

  • Applicant will complete the loan application. When the application is complete, the applicant will submit the loan application, and supporting documentation.
  • WE will review the application prior to presenting the completed application to the Loan Review Committee.
  • Accepted applicants will work with a WE facilitator as deemed reasonable and necessary.
  • The WE Board of Directors will need to review all recommendations before final loan approval.
  • WE will schedule a loan closing for disbursement of funds for those loans approved.

 

Loan Terms

  • Loan amount is up to $1,500.
  • Loan recipients may be allowed two years (24 months) to repay loans.
  • Interest rates are set at four percent (4%).
  • Repayment of principal and interest will be on a monthly basis, with payment due on the fifteenth (15th) of each month. Payments received 30 days late will owe a late fee equal to five percent (5%) of the monthly payment.
  • Any legal fees incurred during the collection or default of loans will be added to the loan balance and will be paid by the borrower.

 

 

Loan Application Guidelines___________________________________________________________

 

Required Documentations (Please include the following  with your loan application package):

  • Completed Loan Application
  • Detailed explanation of how the loan will be used
  • Two personal references
  • Any additional information that will enhance loan proposal

 

The average time required to process a completed application is four to six weeks.

If you have any additional questions, please contact WE at (508) 696-8880.

2013 Microloan Application