The MMBC Continuum recognized the growth needs of minority-owned businesses and has developed programs to assist these firms with growing their businesses. Consequently, The MMBC Continuum Working Capital Loan Fund (WCLF) was started for the purpose of providing access to working capital funds for M/WBEs in construction related industries.
The working capital loan fund is available to MMBC Continuum M/WBE members with contracts awarded by MMBC Continuum corporate members.
Borrower eligibility under the working capital loan fund is limited to:
- Ethnic/racial minority business enterprises (or those under a protected group as recognized by the Federal Government), who have been certified by the Uniform Certification Agency (UCA), and have a contract with a MMBC Continuum corporate member
- Borrowers having at least 51% ownership in the business
- Owner(s) has a strong management with proven experience in the business
Loan applications, at a minimum must include the following borrower information:
- A history of the business
- Purpose for the loan and a source of repayment
- Financial statements for the most current 3 years
- Schedule of term debt
- Aging of accounts receivables and payables
- Signed personal and corporate income tax returns for the most current 3 years
- Personal guaranty of the borrower
For more information contact Dino Hull, Chief Loan Manager at (901) 525-6512.