Funding Big Dreams
OzSBI Microloan Fund: Sometimes small loans can fund big dreams and the Ozarks Small Business Incubator is committed to being a part of that with the OzSBI Microloan Fund. Our low-interest microloans of $5,000 to $50,000 are available to small business owners in Douglas, Howell, Oregon, Ozark, Shannon, Texas and Wright counties, as well as Mammoth Spring, AR. At present, new loans through the OzSBI Microloan Fund are on hold as we let our existing fund recapitalize; however, we have identified Partner Microlenders who we work closely with to fund our clients’ business needs.
OzSBI Partner Microloans: We have carefully vetted our Partner Microlenders and are confident in the quality of their loans and services. Many offer additional funding opportunities that the OzSBI Microloan Fund cannot cover, expanding our original services.
OzSBI Partner Microloans may be used as a direct loan, seed capital or gap financing combined with other lending sources. They are designed for individuals who are unable to secure capital from traditional lending institutions due to poor or little credit history, income requirements, or atypical lending requests; or for those who need gap financing for larger purchases, such as real estate. Whether you need startup funds, inventory or equipment, or are growing or expanding your business, consider if an OzSBI Partner Microloan is right for you.
Microloan Uses May Include:
Start or expand a business
Increase working capital
Purchase inventory and supplies
Pay for educational training
Purchase equipment, furniture, and fixtures
Credit Building
Helping Businesses Grow
Microloans from $300 to $150,000 are available through the OzSBI Partner Microloan lenders. Depending on the loan selected, the maximum term of the loan is 10 years. Loans are available to provide up to 100% of the total project cost, collateral and equity requirements vary depending on the type of loan.
For current rates or more information, contact us via email or call us at 417-256-9724.
Application Process
Applicants first meet with OzSBI staff to discuss the funding needs of their business. This helps OzSBI staff determine if the applicant meets the minimum eligibility requirements of the OzSBI Partner Microloan. At this meeting OzSBI will share the Partner Microlender’s requirements, application process and terms. OzSBI staff will arrange an introductory call with the borrower to present the loan request to the Partner Microlender.
If the Partner Microlender determines the at the loan request is eligible for their microloan programs, OzSBI will assist the borrower in compiling their loan application and all supporting documentation. The loan application and associated documentation will be submitted to the appropriate Partner Microlender for review and approval.
Depending on the clients’ needs, preparedness, and type of loan, the process can take as little as a couple of days or as long as a month. Approved borrowers must also agree to 1:1 business mentoring with one of our business professionals for the first year of the loan.
Review of Business Plan
If deemed an eligible candidate for an OzSBI Partner Microloan, OzSBI will ask the applicant to complete a Business Plan Questionnaire. If desired, OzSBI staff will assist the applicant in completing the Business Plan Questionnaire and compiling all necessary documentation for review by the appropriate Partner Microlender. The Partner Microlender will make the final decision on what loans are approved, the terms, collateral required, etc.
The Business Plan Questionnaire is in a fillable PDF format. OzSBI staff prefers to have these forms filled out electronically and either emailed to ilasloan@ozsbi.com or printed and mailed. If you are unable to fill it out using your computer, we will accept written forms.
Required Documentation
Depending on the requirements of the Microlender, the documentation required to accompany your loan proposal may include:
- Three letters of reference (personal and business) with contact information. Letters of support may be included.
- Proof of Outside Employment
- Documentation of previous investment over 9-12 months
- Other lender participation letter stating the terms and conditions of its participation (if applicable)
- Tax Return for 2 previous years
- Legal structure documents (Articles of Organization, Operating Agreement, Articles of Incorporation, Bylaws, etc)
- Copy of Fictitious Business Statement
- Partnership Agreement
- Lease, if applicable
- Franchise Agreement, if applicable
- Purchase Agreement for equipment being purchased with loan funds
- Copies of Business Licenses and Registrations required for you to conduct business
The best way to improve your chances of obtaining a loan is to provide a clear and detailed narrative on the application and business plan questionnaire. Before you begin, there are three things that you need to be able to clearly address:
- How much money you need?
- How your business will use the money?
- How you will repay the loan?
Get Started with the Business Plan Questionnaire
The following document is in a fillable PDF format. OzSBI staff prefers to have these forms filled out electronically and either emailed to ilasloan@ozsbi.com or printed and mailed. If you are unable to fill it out using your computer, we will accept written forms.