Frequently Asked Questions
1. What
are your interest rates and loan terms?
2. How much can my business
borrow?
3. Does the MIDC deal only with
ethnic minorities?
4. Does the MIDC deal with businesses
located outside of RI?
5. How do I apply?
6. How important
is my credit history?
7. What other
service does MIDC provide?
1.
What are your interest rates and loan terms?
Rates are comparable to those
offered by other commercial lending institutions in the local
area and they are generally tied to the Prime Rate
as published in the Wall Street Journal. Terms typically
run from three to seven years, but can be longer based
on individual circumstances.
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2. How much can my business borrow?
From
$25,000 to $250,000. For loans of less than $25,000, please
refer to website information on the Rhode Island Coalition
for Minority Investment ("RICME").
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3. Does the MIDC
deal only with ethnic minorities?
No. Women owned businesses,
low/moderate income owners and any disadvantaged business can
also qualify for financing. In fact, any business that
is located in a Federal or State designated Enterprise
Community or Enterprise Zone can qualify.
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4. Does the MIDC deal with businesses
located outside of RI?
No. A business must be located within
the State of RI and the focus of its revenue stream should
also be RI based. 5. How long does
the loan application process take?
Generally
you should allow approximately four weeks for processing,
after the completed application has been submitted.
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5. How
do I apply?
Fill out the application
in its entirely and submit it to the MIDC, together with
all required supporting documents. An incomplete application
only delays the process and timely decision for the applicant.
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6. How
important is my credit history?
Your personal credit report is extremely important
in the lending process. Although the MIDC can be more
flexible than traditional lenders, your credit report
must indicate at the very least that any and all historical
problems have been or are currently being addressed.
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7. What
other service does MIDC provide?
MIDC offers
technical assistance for your business through the RI
Coalition for Minority Investment. This means your business
will receive support in the areas of management, operations,
bookkeeping, marketing, and other areas of need during
the term of the loan. Please see RICMI Technical Assistance
for more information. This service is free to the client.
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Please e-mail us if you have additional questions
at midc.info@midcri.com.
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