APACC/CEED Loan Program
The Asian Pacific American Chamber of Commerce (APACC) and CEED Lending announced the new loan fund program for all APACC members in summer of 2015. This initiative was created in 2012 when the realization that many APA’s have the desire to open up their own business but lack the funds to do so and at times were denied at larger lending institutions.
APACC and CEED Lending are proud to announce that starting in January 2016, any APACC member (in good standing) with a business headquarted in Wayne, Oakland, Washtenaw, Lenawee, Macomb, Hillsdale, Jackson, Livingston or Monroe counties could be eligible for a loan up to $50,000.
Other criteria’s include:
- Any good standing APACC member and needs to be up-to-date on membership dues (Does not have to be Asian-American, female business owners or certified MBE/WBEs)
- Start up must need a business plan and if needed, GLWBC can assist through their service programs (If a business has existed for more than 3 years, no business plan is needed)
- Loan application has been turned down by two traditional lending sources (If the loan was under $20k denied, no denial letter is needed, but if $20k and over, a letter will be needed from each lending source)
- Does not have to be a U.S. citizen, but will need to be a legal residence in the U.S.
- Need to fill out the application as the first step and attach all necessary forms requested by CEED
- There will be a $75 loan for the application and can be paid online or via check to “CEED Lending”
- Maximum loan amount if $50k
For those interested in learning more about the loan and the process, please visit the CEED website at http://www.greatlakeswbc.org/programs/ceed-lending/apacc or call the APACC office at 248-430-5855.
CEED Lending is an initiative of Great Lakes Women’s Business Council. For more information about CEED, please visit www.ceedlending.org