Microloan Fund

To apply for a microloan, you must submit a fully completed application along with the requested documents. We would love to be your advocate and help you build your business. Set up a time to discuss all of your small business options and needs by emailing hello@betterinboone.org.

What do I need to submit? 

1. The Application  + a $250 application fee.

2. Requested Documents

• A copy of your executive summary of your business plan
  • A template can be found here
• Upload copies of FY 2022 and FY 2023 profit-loss statements (applicable for businesses 2+ years) OR One-year of Financial Projections and historical profit-loss statements that exist (businesses 1 to 2 years) OR Two years of Financial projections (<1 year in business)
  • Also known as income statements. Explanations and examples can be found here and here
• Upload a copy of current balance sheet.
  • Explanation and an example of a balance sheet can be found here

For additional details on these materials, please see the FAQS section.

Boone EDC offers additional paid services to small businesses from marketing to strategic planning, we are here to serve you. Find details on our business optimizations services here.

Need help with your executive summary? Gigi Nicholas, the owner of The Gifted Word, offers paid services to help small businesses write their executive summary.

Once you have submitted your application and fee, the following steps will occur:

1. You will have a meeting with the Entrepreneurship and Innovation Manager to review your application, discuss your business, and address any questions.
2. Following an internal review, your application will be presented to the Microloan Committee for assessment.
3. The Entrepreneurship & Innovation Manager will convey the Microloan Committee’s decision to you.
4. If your application is approved, you will receive information to initiate the underwriting process for obtaining the loan.
5. Approved applicants will collaborate with the Boone EDC to draft a Press Release and schedule a date to gather marketing content.

Q: Who will review the loan applications?
A: The Boone EDC will initially review the application and discuss the application with the point of contact on the application form. Thereafter, the application will be reviewed by the Boone EDC Microloan Committee, which is comprised of the Boone EDC Executive Director, Boone EDC Board President, and four community members.

Q: What is the executive summary of my business plan, and what key elements should I emphasize?
A: The executive summary is a concise introduction to your business plan, typically spanning one to two pages. It encapsulates various aspects of the business plan, providing brief insights into the company overview, target customers, local competition, organizational and management structure (including ownership details, responsibilities of owners and managers, and total employee count), the product or service you offer, marketing and sales strategy, and your current financial plan. We request this summary to facilitate a comprehensive understanding of your company for reviewers.

Q: Is there a credit check with the loan?
A: Yes. The Boone EDC conducts a credit check after receiving the submitted documentation.

Q: Will my information be held confidentially?
A: Yes. All information provided to the Boone EDC and all conversations held with the Boone EDC are confidential.

Q: Do I need to repay my loan back to the Boone EDC?
A: Yes. This program is a loan program, and repayment of the loan principal and interest, if applicable, is needed to be repaid. A loan contract with security will be utilized for this loan.

Q: Is this a secured or unsecured loan, and is there a personal guarantee required?
A: The loan is an unsecured loan with a personal guarantee.

Q: Are there processing fees associated with the loan?
A: Yes. If you are chosen as a recipient of the loan, you will be required to pay $85.00 of processing fees for the loan documentation.

Q: I am a Boone EDC microloan recipient. Am I still able to apply?
A: All businesses that meet the above requirements, and are in good standing with the Boone EDC, are welcome to apply, including businesses that have received a Boone EDC Microloan.

Q: I am a sole proprietor. Am I able to apply?
A: Sole proprietors are welcome to apply.

Q: Are direct sales associates, such as Pampered Chef, 31 Bags, or other like associates, eligible to apply?
A: At this time, direct sales associates are not eligible to apply.

Q: Are farms or other agriculture entities able to apply?
A: Farming corporations and other agriculture companies are welcome to apply as well.

Q: I operate a business outside of Boone County. Am I eligible to apply?
A: No. This program is available for only Boone County small businesses at this time.