Working capital often creates a go or no-go decision when it comes to starting a new business. It takes money to start a new enterprise, and women and other entrepreneurs need sources they can count on. Opportunity Fund provides up to $500,000 for start-ups located in California.
Although these are not grants, they provide good loan terms that help entrepreneurs get started. In a state where 3.4 million small businesses are located, even a microloan of $5,000 helps, and these loans are hard to come by from traditional lending sources. The loans range from $5,000 to $500,000, there are no loan fees, and interest is 7.5 percent.
The loan program is made possible by donations from corporations, foundations and private donors who want to help. Businesses who qualify must at least have a business plan or be in business from 3 months up to 12 months. Most types of business are acceptable. Exclusions include bars and nightclubs, gas stations, liquor stores, adult entertainment and real estate investment companies.
Interested entrepreneurs must apply by March 31, 2013.
For more information, visit www.opportunityfund.org/startup/