Programs
| Business Investment Program | Equipment Share Program | Equipment Transfer Program |
| Purchase Order Loan Program | SBA Micro Loan Program | USDA Small Business Loan Program |
The Business Investment Program has been funded by Community Development Program for Beaver County. The program will provide opportunities in the form of low interest (3%) micro loans ($500- $7500) for qualified low income, disadvantaged and minority individuals to start small home-based or commercial businesses.
The basic criteria for the Business Investment Program will include the following:
- Candidate must meet the low-income standards according to Community Development criteria.
- Candidate must have knowledge about the business, market and the revenue required to be successful in the business endeavor.
- Candidate must demonstrate a proven customer market.
- Candidate must be willing to go through the required counseling and business planning process with StartingGate.
The StartingGate staff with Board approval will evaluate projects and meet with the owner-operator to assess each business.
The board and staff believe that the Business Investment Program will be instrumental in encouraging economic development and increasing employment in our community.
Due to limited funds, loan availability will depend on cash available in loan pool.
Sharing office equipment is one way a new business owner can lower initial costs. StartingGate provides equipment for you to use through the Equipment Share Program.
Gaining a true perspective of your business needs and goals helps build a foundation for success. The ability to arrange ideas, examine details and reduce planning time is essential. If you do not have a computer, you can make an appointment to use a client-dedicated computer at our Resource Center.
You can use the computer to develop business plans and marketing materials. Or you may want to write business letters or elaborate on your ideas for expansion. StartingGate's client-dedicated computer also provides Internet access (T1 Line) for research for demographics, or any information your new business needs.
You can use our fax machine for sending and receiving information. The fax charges are determined by the charge of the outgoing calls or the number of pages received. You can also use the copy machine at a charge per page.
By participating in the Equipment Share Program, you can accomplish your basic business or business to customer communications needs at one location.
When you start a new business, you may need equipment, office furniture and other items to create a work space environment that allows your operations to run efficiently. You may also have a limited budget.
The Equipment Transfer Program can help you fulfill your office needs at little or no cost. And, if you have business equipment you do not need, you can donate it to StartingGate and receive a tax deduction if the equipment is still valuable. Any organization, whether it is a large or small corporation, a partnership or a sole proprietorship, can donate or request equipment through this program. We keep a list of what clients are looking for and call them if it becomes available.
Many companies have equipment in storage, or need to eliminate equipment because of remodeling or down sizing. It could be outdated for that company, but to a small start-up company, it could be very valuable.
We accept items such as file cabinets, chairs, office shelving, office partitions, computers, typewriters, drill presses, calculators, laboratory equipment and bookshelves. Sometimes, with a little spray paint, elbow grease or minimal repairs, these items can look and run like new. The donating company gets a tax deduction.
You have the customers for your product or the clients for your services, but you still need working capital to help your business move forward.
StartingGate's Purchase Order Loan Program can provide existing companies with the working capital that you need. Some companies need only one loan to spark the cash flow and begin to grow. Others use the program several times once they have paid off each loan.
If you want working capital, here is what you need to know:
- You must have a valid, signed purchase order.
- You must determine eligible costs for the program. The eligible costs include direct materials needed, equipment rentals, labor and other production costs required to fill the purchase order. You will be given consideration for equipment and overhead costs that qualify as a unique part of processing the order.
- There is no minimum amount required. The maximum loan amount that any one company would be eligible for is $25,000. The interest rate is prime plus 4%.
- Usually, the loan terms are 30 to 120 days. The repayment period is based on how long the company needs to perform the work on the order or contract and also, when they expect to be paid for that work order.
- Personal Guaranty and Suretyship Agreements may be required for all owners (with interest over 20%) and their spouses.
- You must fill out a formal client registration form, loan application, and personal financial statement.
- To obtain the loan, you will need to provide the following: previous three year tax returns, the companies current finacial statement, and detailed Accounts Receivable and an Accounts Payable Aging Schedule.
- A credit report will be obtained on the owner(s) and their spouses at a fee of $25.00 each (per address).
The Purchase Order Loan Program is available to any business that is located in StartingGate's service area.
StartingGate has become a U.S. Small Business Administration Microloan Lender for Beaver and Lawrence Counties. If your business is in need of funds for working capital or equipment then this program may help you.
This program provides loans to qualified candidates up to $35,000 at an interest rate of prime +3%.
The basic criteria for this loan program will include the following:
- Candidate must locate their business in Beaver or Lawrence County.
- Candidate must have knowledge about the business, market, and the revenue required to be successful in the business endeavor.
- Candidate must complete a Business Plan with resumes of all key people, three years projected sales and cash flor and marketing strategy.
- Candidate must provide the items such as tax return, credit report and personal financial statements.
- Collateral requirements: Client must come up with 20% of the total project needs. This can be from a combination of fixed assets, savings account, real estate, grant or another loan. A list of assets is required.
- Candidate must submit a loan fee of $75.00.
Please contact the StartingGate office for additional information on how you can participate in the SBA Micro Loan Program.
USDA Small Business Loan Program
If your start-up or existing business needs funding for working capital or equipment then our USDA Small Business Loan Program may be able to meet your needs.
This loan program provides funding opportunities for small businesses in Beaver and Lawrence Counties who meet the following definition:
Small and emerging private business enterprise. Generally any private business which will employ 50 or fewer new employees; has less than $1 million in projected gross revenues; has or will utilize, technological innovations and commercialization of new products that can be produced/manufactured in rural areas; and new processes that can be used in such production.
This program provides loans to qualified candidates up to $35,000 at a fixed interest rate of 4%.
The basic criteria for this loan program will include the following:
- Candidate must locate business in Beaver or Lawrence County and meet the USDA's definition of a small business.
- Candidate must have knowledge about the business, market and the revenue required to be successful in the business endeavor.
- Candidate must complete a Business Plan with resumes of all key people, three years projected sales and cash flow and marketing strategy.
- Candidate must provide items such as tax returns, credit report and personal financial statements.
- Collateral requirements: Client must come up with 20% of the total project needs. This can be a combination of fixed assets, savings account, real estate, grant or another loan. A list of assets is required.
USDA Rural Development is an Equal Opportunity Lender, Provider, and Employer. Complaints of discrimination should be sent to: USDA, Director, Office of Civil Rights, Washington, D.C. 20250-941