+ Applicant Criteria

• Only businesses based in Greater Dayton and planning to create jobs in the Greater Dayton area are eligible.
• Minimum of 1 year in operation
• Must be an incorporated enterprise (LLC, S-Corp, C-Corp, etc.)
• Must have a business bank account and have six months or more of income proof (Cashapp, PayPal, and other third-party services are accepted with summary statements only).
• Provide most recent years (3 is recommended) of the following statements: Statement of Cash Flows, Balance Sheet, Profit & Loss Statements, etc.
• Must submit annual or bi-annual reports of business progression and utilization of funds

**IMPORTANT: If you do not have formal financial statements, please refer to the templates below.

**All can apply but preference will be given to:

• Entrepreneurs that are GWDI members, have participated in other GWDI programs, and/or have received other GWDI/Flyer Development/Flyer Consulting services and business solutions.
• Entrepreneurs from historically underrepresented, under-resourced, and marginalized backgrounds.
• Businesses and ventures that operate within or benefit Greater West Dayton neighborhoods and/or are founded by entrepreneurs from Greater West Dayton.
• Our lending approach is industry agnostic meaning we lend to entrepreneurs of all industry types and sectors.
• Evaluated based on the mission of the borrower, the management team, value proposition, financial projections, operating strengths, and market conditions to be explained in more depth below.

+ Loan Type

Loans can be used for operating costs, working capital, new equipment, website or app development, technology integration, and marketing campaigns, etc. The loan cannot be used to pay off other pre-existing debt directly.

+ Average Loan Size

Citywide Development will disburse GWDI microloans to approved bowerers ranging on average between $5,000-$15,000, but also as small as $500 depending on borrower needs and evaluation. New applicant allocations will not to exceed $25,000 in per an academic year unless otherwise noted.

+ Time Period

The duration of the loan will be individualized to the specific needs of the business, loan type, and risk profile, but the time period will typically be 12-48 months. There will be no early repayment penalties to borrowers that pay the loan in full prior to the stated maturation date. Deferment of initial payments will be considered on a case-by-case basis.

+ Interest Rate

The interest rates of the borrower will be determined based on the loan type, duration of the loan, and risk profile, but the interest rates will remain near prime interest rates and not to exceed prime plus 1.

+ Once Approved

• You will receive a request to test the validity of your business bank account with a test ACH transaction
• You will be required to complete an online training program prior to signing lending documents.
• You will be required to show proof of insurance for your business, state ID or Driver's License, and invoices for your loan purchases.