Business

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ABOUT SMALL BUSINESS LOANS

Small business loans are for small business owners with larger capital requirements.  Like micro business loans, small business loans can be used to purchase inventory and materials, equipment, real estate if it’s for the primary purpose of operating a business, working capital, and acquisition of assets of an existing business.  The small business loan has a current maximum amount of $43,000, although that maximum number will grow as Taala Fund’s lending dollars grow.

ELIGIBILITY GUIDELINES
  • Loan applicant must be a resident of the Quinault Indian Reservation or an enrolled member of the Quinault Indian Nation.

  • Applicant must complete an assessment and application, have verifiable income, complete a business plan, and attend business classes as directed by their training plan (the Business Coach works with the customer to identify training needs and creates a training plan.)

  • Applicant must read the loan application carefully to determine other requirements.

LOAN TERMS

Loans terms are based on the remaining useful life of the collateral as identified in the loan policies. The interest rate ranges from 7.25% to 12.5% based on the customer’s risk rating.  (Rates may change on a quarterly basis based on the federal prime rate.)  Collateral value after discount must be at least 75% of loan amount.

STEPS
  • Pre-Loan:

    • Schedule a meeting with the Loan “Coach” to assess customer’s needs and go over loan application

    • Complete or update a business plan.

    • Complete loan application, including all required attachments.

    • Work with Taala Fund to identify training needs and a training plan.

  • Loan

    • Loan Committee approves loan.

    • Sign loan documents & secure collateral.

    • Proceeds of loan are paid directly to vendors except for working capital.

    • Automatic payments, if applicable, are set up.

  • Post-Loan

    • Periodic site visits, quarterly financials, annual financials; or as otherwise indicated in the loan agreement documents.

ABOUT MICRO BUSINESS LOANS

The micro business loan is for starting or fairly new small business owners that might not otherwise be able to secure a loan.  Micro business loans can be used to purchase inventory and materials, equipment, real estate if it’s for the primary purpose of operating a business, working capital, and acquisition of assets of an existing business.  The micro business loan has a maximum amount of $12,000.

 

ELIGIBILITY GUIDELINES

  • Loan applicant must be a resident of the Quinault Indian Reservation or an enrolled member of the Quinault Indian Nation.

  • Applicant must complete an assessment and application, have verifiable income, complete a business plan, and attend business classes as directed by their training plan (the Business Coach works with the customer to identify training needs and creates a training plan.)

  • Applicant must read the loan application carefully to determine other requirements.

 
LOAN TERMS

Loans terms are based on the remaining useful life of the collateral as identified in the loan policies. The interest rate ranges from 7.25% to 12.5% based on the customer’s risk rating.  (Rates may change on a quarterly basis based on the federal prime rate.)  Collateral value after discount must be at least 50% of loan amount.

STEPS

  • Pre-Loan:

    • Schedule a meeting with the Loan “Coach” to assess customer’s needs and go over loan application.

    • Complete or update business plan.

    • Complete loan application, including all required attachments.

    • Create a five-year financial plan.

  • Loan

    • Loan Committee approves loan.

    • Sign loan documents & secure collateral.

    • Proceeds of loan are paid directly to vendors, except for operating/cash flow.

    • Automatic payments, if applicable, are set up.

  • Post-Loan

    • Meet with Taala Fund Financial Advisor monthly or as otherwise indicated in the loan agreement documents.

    • Run annual credit checks and review with customer

TAALA FUND, a Native led 501c3 non-profit organization, is a  Community Development Financial Institution (CDFI).  

CDFI's are financial institutions that focus on personal lending and business development efforts in local communities.

CDFIs can receive federal funding through the U.S. Department of the Treasury.

As a nonprofit organization, contributions to Taala Fund are tax deductible.

TAALA FUND

(360)276-0118

PO Box 702

Taholah, WA   98587

HOURS: 

8:00 am - 4:30pm

  • https://www.facebook.com/Taala.Fund/

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