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Products, Process
and Requirements
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What loans do you offer? How do I apply? What documents do I need?
• Small business start-up loans from $1,000-$10,000. These loans can be used for working capital, equipment purchases, and/or the purchase of an existing business. The interest rate is Prime +, as determined by the Loan Committee each quarter. The term is up to five years.
• Business expansion loans from $10,000-$150,000. Like the microloans, these loans can be used for working capital, equipment purchase, and/or the purchase of an existing business. They can also be used to purchase commercial real estate and for real estate renovations. These funds may be combined with the facade renovation loans to make more extensive renovations beyond the building facade. The interest rate is Prime +, as determined by the Loan Committee each quarter. The term is up to seven years
• Up to $150,000 for facade renovation of buildings in the Cherokee Central Business District. Funds may be used to purchase materials and labor to renovate the facade of a business, in accordance with pre-approved plans. These loans are priced a 1% and can be borrowed for up to ten years. Sequoyah Fund has grant funds available to pay for architectural reviews prior to construction, when needed.
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1. People interested in obtaining a business loan begin by completing a Customer Information Form (download PDF now). Loan applicants should allow 3 to 6 months to complete the loan application and review process as detailed below. 2. If you already own a business, you’ll meet with a Business Development Specialist who will work with you to identify your business expansion needs. 3. If you currently don’t own a business, you’ll attend the next New Ventures orientation class for new business owners where you’ll learn what it takes to open a business. 4. If getting a loan is part of what you need to start or expand a business, a Business Development Specialist will provide additional technical assistance on what is needed for a complete Loan Application (download PDF now) package, including a strong Business Plan (download PDF now). A list of what is required in the Loan Application Package is provided below. 5. If the Business Development Specialist determines that Sequoyah Fund staff and/or Board Loan Committee will likely agree that you already have a strong business plan and the expertise needed to implement the plan, you’ll receive assistance in completing the loan package and proceed in submitting your loan application. 6. If you don’t have a business plan and/or if the Business Development Specialist determines that Sequoyah Fund staff and/or Board Loan Committee will likely require additional training or improvements to your business plan, you’ll be asked to enroll in the next Indianpreneurship class. The class meets twice a week over a period of 8 weeks and will build your skills in key areas critical to the success of a business owner. While attending this class, you can continue to work with a Business Development Specialist to prepare a loan application package. You can submit the application as soon as you have all of the information. There is no charge to attend the class. (Note: Most Sequoyah Fund loan applicants are required to complete the Indianpreneurship class.) 7. Once a completed application package is submitted to Sequoyah Fund, the Sequoyah Fund’s Loan Officer meets with the loan applicant to review the loan application. The Loan Officer then submits the completed loan applications to the Sequoyah Fund’s Board Loan Committee which reviews the recommendation and makes a determination about whether to submit the recommendation to the Sequoyah Fund Board of Directors. 8. The Sequoyah Fund Board reviews recommendations from the Loan Committee and makes the final decision on the approval of loans.
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1. Loan application form. 2. Strong business plan. 3. A written summary of how the loan will affect the loan applicant’s business goals, regarding production, sales, profits, jobs created, or other pertinent factors. 4. The loan applicant’s current (within 90 days) and previous three years' business financial statements. 5. The loan applicant’s current and previous three years' business federal tax returns. 6. If the loan is for a business that is less than two years old, provide a projected income statement for two years following receipt of the loan and a projected monthly cash flow statement for one year after the loan. 7. Personal financial statements completed and signed for all owners of the business with 20% or more ownership. 8. Personal federal income tax returns for the past two years for all owners of the business with 20% or more ownership. 9. For all equipment purchases and/or minor building renovations, estimates from contractors, price quotations from suppliers, and purchase orders. 10. If the loan involves the purchase of real estate, a complete copy of the Agreement of Sale. 11. If the loan applicant currently rents the business location, a copy of the lease. 12. A copy of the loan applicant’s enrollment card if the applicant is a member of the Eastern Band of Cherokee Indians. 13. Description of the collateral that will be provided by the loan applicant. Sequoyah Fund requires collateral even if it is in a subordinated position. Borrowers must contribute 10% of the project costs as equity. 14. Any additional information which will assist Sequoyah Fund in analyzing the application.
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