We Can Tailor the Right Loan for Your Business
WRAP works closely with the City of Warren's Department of Community Development to support the creation of new businesses as well as businesses looking to expand. One of the many ways we do this is through the administration of two loan programs.
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Revolving Loan Fund
The Revolving Loan Fund is designed to support start-ups and existing businesses. Loan proceeds can be used for purchases of machinery and equipment; leasehold improvements; inventory; and for limited working capital. To qualify, your business must be located in Warren. Loan amounts usually range from $5,000 to $75,000 with a repayment period of five years. The interest rate is fixed at the time of loan closing and is based on risk, security, and your business plan. Note: Please fill out this application, save it to your computer, and email it to dd@wrapcorp.org.
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Business Start-up Microloans
Our business start-up microloans are designed specifically for new entities and have a cap of $2,000. In addition to filling out the RLF/general loan application, you are required to fill out a Microloan application that we will use to establish more specific parameters of the loan. These parameters, when met and then verified by WRAP, can qualify you for loan forgiveness up to the full amount. Note: Please fill out these applications, save them to your computer, and email them to dd@wrapcorp.org.
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Business Plan Development
An important part of your loan application is your business plan. It is a document that will not only allow us to learn more about what you do, but also provide us with a road map of how you intend to achieve your desired results. Your Business Plan should include:
- Personal income tax for three years, including all schedules
- Business tax returns if available
- Copy of most recent W-2 statement
- Personal financial statements
- Resume(s) of business principal(s)
- Description of business and project
- Written cost estimates to support project costs
- Projected financial information for three years
- Information regarding job creation and/or retention
- Any additional information that we may require, depending on the project.