Short-Term Rental Loans are designed to help enrolled members of the EBCI upgrade upgrade or convert existing space to make it suitable for listing on Airbnb, VRBO, and other short-term rental platforms. The demand for short-term rentals in and around Cherokee is expected to grow significantly over the next three to five years. Converting a spare room, garage, basement, or other space into a rental could generate substantial additional income for you and your family.

Projects must be directly related to the conversion of existing space to income-generating condition. These projects can include kitchen and bath remodels, flooring, paint, new appliances and fixtures, updated wiring and plumbing, furnishings, bedding and linens, guest supplies, driveway repair/enhancement or landscaping, and insurance.

Before You Apply:

While the vast majority of builders, electricians, plumbers, and other tradesmen/women are highly skilled, conscientious, and honest, there are a few who give their industry a bad name. They may do this through shoddy workmanship, endless delays, absenteeism, using inferior materials, overcharging, or other unscrupulous behavior. Visit the North Carolina Licensing Board for General Contractors to learn how to protect yourself from bad actors.

Additionally, please see the Cherokee Code for Professions and Occupations, and make sure your contractor is licensed and in good standing with their licensing board.

The Sequoyah Fund is not responsible for the actions of your contractor, nor are we responsible for sourcing a contractor, reviewing your contract, or enforcing any actions against you contractor. If you need assistance in drafting or reviewing a contract, please seek legal counsel.

Requirements

1. All applicants must meet with a Technical Assistance provider. This may be the Cherokee Division of Commerce's Enterprise Development Office (828-359-6708), or one of the area community college's Small Business Centers.

2. You must be an enrolled member of the EBCI and own the home or structure to be rehabilitated or remodeled. Proof of enrollment (copy of enrollment card) required.

3. You must have no per capita encumbrances (no liens, claims, or garnishments).

4. Credit score of 450 or better.

5. Proof of employment (two most recent pay stubs).

6. Two most recent years federal income tax returns.

7. No items of public record on personal credit (unsatisfied liens, judgments, bankruptcy, etc.).

8. Written business plan that includes an estimate of project costs, including materials, labor, appliances, delivery, etc. This plan should show how you will market your property (i.e. listing on Airbnb, VRBO, direct-booking website, etc.), how you will set up and keep your books, your plan for cleaning and maintaining your property to keep it in good repair, and how your business will be structured (i.e. LLC, partnership, corporation, etc.).

Terms and Conditions

Up to $25,000 at 4% fixed interest rate for up to 5 years (60 months). Your business plan must show how the property will generate sufficient revenue to service this debt. You may use your per capita as collateral, and if you choose, it may represent 100% of your collateral obligation.

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