WEDCO Serves Businesses in Wilmington, DE
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WEDCO provides loans to established small businesses, located in the City of Wilmington, who are growing
and unable to secure financing on comparable terms from conventional financial institutions.
WEDCO can either partner with a bank to provide a portion of the total funds needed or work directly with the
borrower and provide the total funds needed for the project.
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Eligibility
- Businesses within the City of Wilmington
- Principal(s) has direct experience in the industry for at least two years.
- Good Business Plan
- Adequate personal credit history
- Clearly defined and accessible target market
Loan Size
Maximum $75,000
Minimum $5,000
Loan Rate
Depends upon project, collateral and ability to repay. The initial rate is based off of Prime but is fixed at
the time of funding.
Use of Funds
Working Capital
Inventory
Machinery & Equipment
Leasehold Improvements
Loan Term
Maximum of 6 years
Collateral
Personal Guarantees of Principals
Business Assets
Personal Assets, if applicable
Application
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