Loan applicants must undergo a due diligence process and may apply for the funding levels in the Tiers listed below. Tiers are designed to help loan applicants build sustainable businesses, at every stage of business development. Click here to view loan requirements by tier.
Tier 1 – Establish the Business
Up to $5,000
Tier 2 – Get Compliant
Up to an additional $10,000
Tier 3 – Open the Business
Up to an additional $15,000
Tier 4 – Start Operations
Up to an additional $20,000
Tier 5 – Grow the Business
Up to an additional $50,000*
Tier 6 – Expand the Business. Loan amount – Up to an additional $25,0000. Tier 6 is only available to businesses that are either 100% owned by equity qualified individuals or businesses that match the City’s loan amount with an equal-sized loan from a third-party.
To qualify for a loan, applicants must have completed the Prerequisites and meet the requirements associated with their desired Tier and any underlying Tier. For instance, to receive a Tier 2 loan, applicants must meet both Tier 1 and Tier 2 requirements. Applicants can apply for the aggregate loan amount associated with all Tiers for which they qualify. For example, if an applicant meets the requirements for Tiers 1, 2 and 3, they may apply for $30,000 at once. Applicants can also apply for less than the full amount of that tier. Applicants may also apply for the next loan Tier without fully re-paying their prior loan(s), as long as they meet the requirements for the next Tier, provide receipts showing they spent 70% of their previous loan on eligible expenses, are current on their loan repayments, and compliant with required licenses, permits and taxes. If a borrower is approved for subsequent loan amounts, their original loan agreement will be amended such that the borrower does not have more than one Equity Loan outstanding at a time.
*Tier 5 is only available to businesses that are either 100% owned by equity qualified individuals or businesses that match the City’s loan amount with an equal-sized loan from a third-party.