Eligibility
Pursuant to Federal regulations, MAP targets low and moderate-income
individuals. Eligibility requirements include:
- Prospective entrepreneurs interested in
starting a business in Orleans County
- Applicant must be over 18 and reside
in Orleans County
- Owners of existing microenterprises
are eligible if they:
- Employ five or fewer employees
- Demonstrate ability to grow and offer employment to
low and moderate-income persons (exception for business
owners who themselves are low and/or moderate-income
persons).
Education & Technical Assistance
Each entrepreneur / microenterprise accepted into the program
will be eligible for the following assistance:
- Technical consultants for advice
- Microenterprise Training Program
- 12-week class taught by professionals in the fields
of that week's class topic who in most cases are also
small business owners/operators
- Topics include business law, marketing, computer applications,
financing, business taxes and leadership
- Goal is to complete a draft business plan by the end
of the 12 weeks
- Consultation and technical assistance for up to six months
after start-up
- Access to MAP offices to work out of, equipped with written,
video and software materials along with computers to develop
business documents and Internet access for market research
Microenterprise Revolving Loan Fund
Currently, there is over $500,000 in the Orleans County Revolving
Loan Fund. Those who qualify are eligible to apply for low-cost
flexible term financing. Requirements for qualification include:
- Owners of existing qualified microenterprises as well
as program "graduates" who complete the educational
and technical assistance components of the program
- Employ five or fewer employees
- Located in Orleans County
- Business must be in existence for one year prior to applying
for loan
- Demonstrate ability to grow and offer employment to low
and moderate-income persons (exception for business owners
who themselves are low and/or moderate-income persons).
- Completion of loan application and development of written
business plan under direction of technical advisor.
Since funding for this program is limited, applicants will
be selected based upon a review of HUD-designed eligibility
criteria, completion of the loan application and follow-up
interviews. |
