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Business loans
The Sequoyah Fund offers small business loans from $500 to $100,000 - a range where small business owners have the most difficulty finding affordable options. We also have the ability to put together larger loan packages through our network of participating lenders.
Loans for income-producing assets like furniture, fixtures, and equipment can have a term (in some cases) of up to ten years. Loans for inventory and working capital will typically have a much shorter term. (You don't want to be paying for inventory for ten years when you sold it the first week of your business!)
The Sequoyah Fund gives special emphasis to serving the Eastern Band of Cherokee Indians, as well as low-income and minority borrowers in the counties surrounding the Qualla Boundary. This is not a grant program.
Details
Loans available up to $50,000 for start-up businesses (having less than 24 months of operation)
Loans available up to $100,000 for expanding businesses with more than 24 months of documented operation
Loan terms are up to 120 months
Loan payments are fully amortized over the term of the loan
Interest rates range from 5% to 12% depending on borrower's credit and a variety of risk factors
There is no pre-payment penalty
Defaulted loans are subject to commercial collection processes
Eligibility
Applicants must reside in Cherokee or one of the seven far-western counties (Haywood, Jackson, Macon, Swain, Graham, Clay, or Cherokee) for at least one year prior to application (even if buying an existing business in the area).
The business must be physically located in this service area.
The borrower must reside in this service area.
All owners with 20% or more ownership must co-sign the loan.
Borrowers are expected to pledge all available assets for collateral.
All borrowers must sign a personal guaranty.
Gather these materials, and get moving on your dreams!
Gather these materials, and get moving on your dreams!
Start-Up Loans
All principals in the business with 20% or more ownership must submit these items.
Business Plan (including financial projections and estimated breakeven point)
Copy of EBCI Enrollment Card or NC Driver's License
Last 2 years' personal federal income tax returns
Business entity documents (articles of incorporation, partnership agreement, LLC articles of organization, by-laws, management agreement, etc.)
Personal financial statement (included with commercial loan application)
Business/Expansion Loans
All principals in the business with 20% or more ownership must submit these items.
Business Plan (including financial projections and estimated breakeven point)
Copy of EBCI Enrollment Card or NC Driver's License
Last 2 years' personal federal income tax returns
Last 2 years' business federal income tax returns
Last 2 years' month-by-month financial statements
Year-to-date balance sheet
Last 6 months commercial bank statements
Business entity documents (articles of incorporation, partnership agreement, LLC articles of organization, by-laws, management agreement, etc.)
Personal financial statement (included with commercial loan application)
Take action
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Ready to apply?
Apply online! It's fast and easy. Once you create an account, you can save your application and come back to it later. Submit all your documents online, save time, and get a faster response!
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Want a paper application?
Download our business loan application. Once it's complete you can bring it to our office or email it to dorian@sequoyahfund.org.
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I need to talk to someone first
Make an appointment with Dorian Walkingstick, our Account Manager, or call him directly at
(828) 359-5004. -
Need a Business Plan?
You’ll need a comprehensive business plan before we can provide any loans. Start here with a one-page Business Plan Canvas.
