Borrow from us, launch, grow, expand.
The financial sector addresses the need for individuals and businesses to both save and borrow; however, a majority of lending resources remain either inaccessible or underutilized by many people, especially in Buffalo. Our microloan program directly addresses this issue by helping individuals to not only save, but also to borrow. Our financial products offer targeted loans for business creation or expansion in Buffalo that can directly result in increased income and wealth generation.
Frequently Asked Questions:
Q: What are your interest rates?
A: Interest rates do not exceed 10% APR, but vary based on product and application. In very specific instances, we can accommodate business owners of Islamic faith with our Murahaba loan product, which converts the interest rate to fees.
Q: What is the average term length for loans?
A: For loans exceeding $1,000, expect the maximum term to be 60 months. However, our organization is able to fit the needs of the business owners we're serving; therefore, in rare instances terms could be greater than 60 months. After you develop a financial plan with your assigned staff person, they can advise you on more suitable terms that fit the financial needs of you and your business.
Q: For what may I use my loan proceeds?
A: WEDI only lends capital toward business expenses, but this may include refinancing business debt (including credit cards), equipment purchases, working capital for your business, startup/pre-startup costs, inventory purchases (small and large), and any other business purpose! Talk to us to determine if we can lend towards your business's needs.
Q: What is the maximum amount of money I could apply for?
A: WEDI can only provide a loan up to $20,000, but you can apply for as much money as you'd like! If it exceeds our limit, WEDI will reach out to partner lenders to try to meet your full request. After working with a staff member, we can assist you in determining approximately how much capital you will need in order to meet short- and long-term business goals.
Q: How quickly do I receive my money after I have been approved?
A: Typically, it takes about a week. WEDI's loan committee meets monthly. You will work with a staff member to complete a full loan application. This consists of a business plan, but don't worry; we can assist you with this, if needed. WEDI reviews your loan during the first week of the month, typically. If approved, we can disburse funds within 6 business days.
If you are interested in receiving a microloan for your business, please APPLY below and you will be contacted by a staff member to set up a meeting to discuss our loan program and application process.
If you have any other questions prior to applying, give us a call at (716) 393-4088.