Isles offers you the opportunity to build your business by providing access to fair and flexible business loan products. Our current business loan products are Group Loans, designed specifically for start-up and emerging businesses and two direct loan products – Opportunity Loans, designed for more established businesses and Energy Efficiency Loans.
Group Lending: To build capital for microbusiness start-up, Isles utilizes a group lending model which provides new business owners with the resources and peer support necessary to succeed. Group lending is restricted to graduates of Build Your Own Business who participate in bi-weekly business group sessions. Our innovative group lending program provides new business owners with both the capital and the support they need to succeed. Individual members of a business group make loan requests through their peer group, then the group as a whole decides whether or not to approve a loan. Group loans are delivered in capital “steps” starting at $500 going up to $5,000 ($500, $1,500, $3,000, $5,000).
Opportunity Loans: Loans of up to $15,000 are available for established business owners who have been in business for more than 12 months. As an alternative to high-interest credit cards, this loan size is ideal for start-up and developing businesses looking for an injection of capital for equipment, large unexpected order fulfillment, and more. The Opportunity Loan combines individualized business consulting with flexible business capital to ensure your venture is leveraged for success. At this loan level personal credit, character and business plans are reviewed. Collateral may be required. Loan interest rates range from 3%-10%. (Special loan rates of 3% are available to women entrepreneurs who are in the start up phase of their business and who have an income of up to 350% of the federal poverty level.)
Energy Efficiency and Education Loans: Energy Efficiency and Education loans are available for homeowners, businesses, non-profit organizations, schools and municipalities that are seeking ways to reduce energy use and pollution. Energy Efficiency loans will help homeowners and companies become more energy efficient and avoid the impact of rising energy costs. Energy Education loans can be used by individuals or businesses for the purchase of energy efficient equipment or energy education and certification. For example, Energy Education loans could pay for the tuition and certification for a contractor who wishes to receive BPI, NABCEP or other national certifications in solar installation, energy auditing, etc. Click here for a Energy Efficiency and Education Loans brochure.
For more information about financing your business and to receive a business loan application packet, please call Norma Diaz: 609.341.4745 or email: ndiaz@isles.org