We believe traditional banks offer the best combination of financing options, interest rates, terms, and financial tools to help you grow your business. BUT... most banks aren't attracted to small start-up businesses because they lack a proven track record of success. It's tough to face the fact that no - matter how strong your business concept, your plan, your location, your experience, or even your credit score - you may not qualify for a bank loan. This doesn't mean you're a bad person, it just means you're not ready for a traditional bank...yet.

Since 1998, Sequoyah Fund has been making business loans ranging from $1,000 to $150,000 to small businesses on the Qualla Boundary and in the seven westernmost counties in North Carolina who may have trouble securing funding from banks and other traditional sources. We consider non-traditional collateral, offer flexibility in the loan structure, and loan decisions and relationships are managed locally. We also work to ensure our clients' success by offering highly customized business coaching, ongoing training, and the expertise of outside consultants when needed. Our mission is Lending and Training for Small Businesses, and this combination of lending and training helps entrepreneurs overcome obstacles, grow strategically, and create jobs.

No. Sequoyah Fund only offers small business loans. Our terms are flexible, and we can create a repayment plan that fits your business's cash flow needs, seasonal cycles, etc.

Businesses in the start-up phase and up to two years old can qualify for up to $50,000 in funding. Businesses older than 2 years old can qualify for expansion loans of up to $150,000.

Loans terms can be structured to meet your cash flow needs to keep your payments manageable. Loans terms can be as long as 10 years in some cases, but we also offer short-term loans of as little as 90 days to help you complete a contract or project on a deadline.

Interest rates vary depending on your unique situation and risk factors. Since we assume risks traditional banks do not, our interest rates are designed to be a bit higher than a bank. This also serves as an incentive to pay off Sequoyah Fund debt as soon as possible and transition your borrowing to more traditional credit sources.

Sequoyah Fund interest rates range from 5% - 12%, depending on your personal credit history, the amount of equity (your personal funds) you bring to the project, and your collateral, among other things. Our Account Manager will discuss interest rates and loan terms with you once we have received your application.

Credit history is one of the most important factors in making our decision to provide a loan. Credit history is the clearest indication we have of your willingness and ability to repay loans. However, we are willing to take into consideration extraordinary circumstances that may have damaged a previously good credit history.

We are also committed to helping our loan clients improve their credit scores. We report your positive payment record monthly to the three major credit bureaus, and our typical client experiences a higher credit score as a result.

We believe every business owner needs to have some "skin in the game" - money you're willing to risk. Sequoyah Fund, like other lenders, will not assume the full risk of your business if you are not willing to assume any risk. Therefore, we require that you have 15% of your total project cost available as "owner's equity." In other words, if your start-up costs are $10,000, we would require you to have $1,500 of owner's equity to pair with our loan of $8,500.

Yes, we will ask you to pledge business and personal assets to secure a loan. Offering assets such as your automobile, home, or other real estate makes us feel that you are as confident in your business as you would like us to be. Typically, we like to have spouses guarantee the debt to show there is family support of the business.

We require loans to be 100% collateralized. In other words, we need $10,000 worth of collateral for a $10,000 loan. Enrolled members in the EBCI may use per capita distributions as a portion of your collateral, but it cannot be used to fulfill the 100% requirement.

Any partner or principal in the business who owns at least a 20% stake MUST sign a personal guaranty for a business loan.

A business plan is necessary for start-ups and can be very useful for existing businesses, especially when major changes are planned. A business plan does not have to be lengthy, but should outline your goals and business direction. Our application packet includes lists of questions to be answered during the application process. It is important for us to be clear on the history of the business and where you see it going; how the business operates and brings in customers; and how the use of the loan funds will fit in with the other financial aspects of the business.

For existing businesses seeking short-term loans of 12 months or less, we will typically require a current business budget, the contract you need to complete, and/or project scope so we can understand how you will use the money and how it will be repaid.

We can connect you with a qualified small business counselor who can help you write a thorough business plan.

This depends on how much money you are requesting, how complete your loan package is, whether real estate is involved, and other factors. Our board meets once a month to make decisions on loan requests over $35,000, so our process does take longer than some other financing avenues. Small "emergency" loans can be completed in as little as 24-48 hours, but larger, more complex loans may take 60-90 days or more.

Start-up loans can take longer to approve because the business has no track record or financial history on which to bases a loan decision. Because of this, we will be looking into your total household finances, examining the quality of your business plan, scrutinizing the capacity of your business concept to generate cash, and other factors. Don't be surprised if we request more supporting documentation along the route to a decision. This may include a draft lease, letters of intent, contracts, or other documents.

We do not assist in the completion of the application package, but we can put you in touch with a qualified business counselor who can help you compile all the information we'll need to make a timely decision.

Once your loan is approved, we immediately begin moving toward loan closing. Depending on the size and complexity of your loan, the status of your collateral, and other factors, this process can range from just a few days to over a month.

If you are an enrolled member of the EBCI and will be using real estate on the Qualla Boundary as collateral, we recommend contacting the BIA (Bureau of Indian Affairs) as soon as you apply for your loan, since this often initiates a lengthy process that Sequoyah Fund cannot control.

Your Account Manager will communicate regularly with you to make sure the process moves as quickly as possible.