If you have a question that's not answered on this web site, please contact us. We'll be happy to provide the answer.

Q – Who is eligible for loans?

A – Enrolled individuals and non-enrolled individuals in the following categories:

a) Non-enrolled and enrolled individuals who have lived in Cherokee, North Carolina for more than one year who own or plan to start businesses located on the Qualla Boundary.

b) Individuals who own existing businesses in the Cherokee, North Carolina Central Business District who need funding to renovate their building facades.

c) Enrolled members of the Eastern Band of Cherokee Indians who own or plan to start businesses located in Cherokee, NC or the seven surrounding counties of Graham, Jackson, Swain, Macon, Cherokee, Clay and Haywood.

Q – What is the range of your loans?

A – Loans range from $1,000 to $150,000 (click here for details).

Q – What can I use loan proceeds for?

A – You may use loan funds to start a business or expand your business. If your business is located in the Cherokee Central Business District, you may use funds to renovate your building's facade.

Q – Do I have to have collateral to get a loan?

A – Yes. Sequoyah Fund requires collateral, even if it is in a subordinated position. Borrowers must contribute 10% of the project costs as equity.

Q – What interest rate do you charge and what is the length of term of the loan?

A – Business start-up and expansion loans have interest rates of Prime + as determined by the Loan Committee each quarter. Facade renovation loans are at 1% for a term of up to 10 years.

Q – Can you help me with bank financing?

A – Yes. If you qualify for a bank loan, we can prepare and walk you through the process with one of our banking partners.

Q – Will you help me fill out my paperwork?

A – Absolutely. The loan application process begins with an interview with a Business Development Specialist. Call 828-497-1666 for an appointment. You may complete the Customer Information Form (download PDF now) ahead of time.

Q – What kind of documents will I need to provide?

A – If the Business Development Specialist determines that Sequoyah Fund staff and/or Board Loan Committee will likely agree that you a loan candidate, you will need to be able to provide the documents on the Loan Checklist.

Q – How long does it take to get a loan?

A – Loan applicants should allow 3 to 6 months to complete the loan application and review process.

Q – Do I have to take classes to get a loan?

A – Training is a pre-requisite for most Sequoyah Fund products. Even if you are a seasoned business owner, refresher courses are important to your overall business plan.

Q – Are there fees for your training, meetings with a business development specialist, or for submitting a loan application?

A – There are no fees for our business orientation training or Indianpreneurship class. There is a $25 loan application fee.

Q – Can I attend the training and classes without applying for a loan?

A – Of course. Just call 828-497-1666 for the latest class schedules.

Q – What is a CDFI?

A – CDFI stands for Community Development Financial Institution. We are an independent, non-profit lender that is certified by the US Treasury CDFI Fund. We focus on assisting individuals who are good candidates to open businesses and pay back loans, but are not having their needs met from traditional bank loan products. We can also partner with banks in offering loan products, especially larger loans.

Q – Do you give any grants to small businesses?

A – No. We provide training, technical assistance and a loan fund program to support business development.

Q – Do you have a basic business guide to starting a business in Cherokee?

A – Yes, our Cherokee Business Guide includes small business resources, licenses required, site reviews, and contacts for sign approval, legal, banking, and electricity; as well as training opportunities.