Affordable Housing Corporation can help you start a small business:
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Who is eligible for an MVP loan through Affordable Housing Corporation?
Can I get a loan to help with my business?
What is the maximum amount I can borrow?
Do I have to pay back the loan? What are the terms of the loan?
Are there any restrictions on how I use the MVP loan funds?
What are some of the reasons I would be denied an MVP loan?
My credit is bad. Can I get an MVP loan?
Do I have to start or expand my business in Grant County?
What business training/technical assistance do you offer?
How do I learn more about MVP, register for training, or apply for a loan?
Who is eligible for an MVP loan through Affordable Housing Corporation?
To be eligible for an MVP loan, you must meet all of the following requirements:
- U.S. citizen or permanent resident
- 18 years of age or older
- own and operate a business in Indiana or have definite plans to do so
- your business employs fewer than five employees
- business owner has low/moderate income or business employs low/moderate income persons
Can I get a loan to help with my business?
Yes, if you are eligible for the MVP program and your loan application is approved by Affordable Housing Corporation (AHC). MVP loans are available through AHC with funds from the Office of Community and Rural Affairs (OCRA) and AHC.
What is the maximum amount I can borrow?
You can borrow up to $10,000. There is a packaging fee of 5% of the amount financed, not to exceed $250 payable to AHC. The packaging fee can be financed with the loan.
Do I have to pay back the loan? What are the terms of the loan?
An MVP loan is not a gift or a grant. It is a loan that must be repaid, with interest, to AHC following a specified payment schedule. A typical AHC pay back plan would be monthly payments at a below market interest rate over five years. Borrower may repay the loan at any time with no pre-payment penalty.
Are there any restrictions on how I use MVP loan funds?
An MVP loan must be used to finance a small business. An MVP loan cannot be used to:
- Pay property taxes
- Pay personal or business income taxes
- Pay off credit card debt
- Promote religious or specific ideological beliefs or activities
- Fund businesses which are not socially acceptable to the community
What are some of the reasons I would be denied an MVP loan?
You will not be denied an MVP loan because of your race, color, national origin, religion, age, gender, familial status, disability or status as a veteran.
Reasons for loan denial may include:
- Unresolved credit issues
- Not enough money to repay the loan
- Issues related to your business plan
- Total debt of borrower (your monthly debt payments, including payments on an MVP loan, cannot exceed 41% of your monthly household gross income)
My credit is bad. Can I get an MVP loan?
There are some credit requirements that banks and AHC require of loan applicants that are related to the borrower’s ability to repay the debt in a timely manner. Your credit situation will be evaluated on an individual basis. Delinquencies or past due balances on debt payments can negatively impact your ability to receive a loan. An AHC counselor will meet with you individually to review your credit situation prior to making loan application. If applicable, this one-on-one meeting will assist you in developing a plan to clean up your credit issues.
Do I have to start or expand my business in Grant County?
No. Your business must be located in Indiana and demonstrate a benefit to Grant County.
What business training/technical assistance do you offer?
FastTrac programs are a series of classes on starting a new business. The classes are led by certified instructors, accountants, lawyers, business professionals, and business professors from local universities. Graduation from FastTract business training makes you eligible for start-up business financing through AHC. The courses are offered nationally and tuition ranges from $300 - $1,200 per course. Due to available grant funding, AHC can offer these courses at a much reduced rate. For additional information go to www.fasttrac.org.
How do I learn more about MVP, register for training, or apply for a loan?
Contact AHC at 765-662-1574 ext. 100.
