To apply for a microloan, you must submit a fully completed application along with the requested documents to Claire Gelanis, Entrepreneurship & Innovation Manager. We would love to be your advocate and help you build your business. Set up a time to discuss all of your small business options and needs by emailing Claire at claire@betterinboone.org. 

What do I need to submit? 

1. The Application  + a $250 application fee. 

2. Requested Documents

• A copy of your executive summary of your business plan
  • A template can be found here
• Upload copies of FY 2022 and FY 2023 profit-loss statements (applicable for businesses 2+ years) OR One-year of Financial Projections and historical profit-loss statements that exist (businesses 1 to 2 years) OR Two years of Financial projections (<1 year in business)
  • Also known as income statements. Explanations and examples can be found here and here
• Upload a copy of current balance sheet.
  • Explanation and an example of a balance sheet can be found here

For additional details on these materials, please see the FAQS section.

Boone EDC offers additional paid services to small businesses from marketing to strategic planning, we are here to serve you. Find details on our business optimizations services here. 

Need help with your executive summary? Gigi Nicholas, the owner of The Gifted Word, offers paid services to help small businesses write their executive summary.

Upon submitting your completed application and fee:

1. All applicants will meet with the Entrepreneurship and Innovation Manager to review the application, discuss the business and address any questions
2. After internal review, the application will be presented to the Microloan Committee for reviewal
3. Entrepreneurship & Innovation Manager will communicate the Microloan Committee’s decision to the applicant
4. If approved, the applicant will receive information starting the underwriting process to receive the loan
5. Approved applicants will coordinate with the Boone EDC to draft a Press Release and schedule a date to gather marketing content

Below lists frequently asked questions and answers to best assist you during the application process. If you have any questions, please contact Claire, Entrepreneurship & Innovation Manager.  

Q: Who will review the loan applications?

A: The Entrepreneurship & Innovation Manager will initially review the application and discuss the application with the point of contact on the application form. Thereafter, the application will be reviewed by the Boone EDC Microloan Committee, which is comprised of the Boone EDC Executive Director, Boone EDC Board President, and four community members. 

Q: What is the executive summary of my business plan, and what should I highlight?

A: The executive summary of your business plan is a summarized introduction of your business plan, and it should be one to two pages. This document summarizes all the pieces of a business plan as it will include brief descriptions to the following areas: company overview, target customers and local competition, organization & management structure (inclusive of who owns the business, owners’ and managers’ responsibilities, and the number of total employees), service or product you sell, marketing and sales strategy, and your current financial plan. We request this because it will help reviewers better understand your company as a whole. If you have any questions about this, please contact Claire immediately. 

Q: I need help writing my Executive Summary of the business plan. Who do I contact?

A: Gigi Nicholas, owner of The Gifted Word, offers paid business services for small business owners who need assistance writing their Executive Summary. For more information, please email Gigi Nicholas or connect with Claire immediately. 

Q: Is there a credit check with the loan?

A: Yes. The Boone EDC conducts a credit check after receiving the submitted documentation.  

Q: Will my information be held confidentially?

A: Yes. All information provided to the Boone EDC and all conversations held with the Boone EDC are confidential. 

Q: Do I need to repay my loan back to the Boone EDC?

A: Yes. This program is a loan program, and repayment of the loan principal and interest, if applicable, is needed to be repaid. A loan contract with security will be utilized for this loan. 

Q: Is there a prepayment penalty?

A: No, there is no pre-payment penalty on either of the terms you may consider. 

Q: Is this a secured or unsecured loan, and is there a personal guarantee required?

A: The loan is an unsecured loan with a personal guarantee.

Q: Are there processing fees associated with the loan?

A: Yes. If you are chosen as a recipient of the loan, you will be required to pay $85.00 of processing fees for the loan documentation. 

Q: I am a Boone EDC microloan recipient. Am I still able to apply?

A: All businesses that meet the above requirements, and are in good standing with the Boone EDC, are welcome to apply, including businesses that have received a Boone EDC Microloan.  

Q: I am a sole proprietor. Am I able to apply?

A: Sole proprietors are welcome to apply. 

Q: Are direct sales associates, such as Pampered Chef, 31 Bags, or other like associates, eligible to apply?

A: At this time, direct sales associates are not eligible to apply.

Q: Are farms or other agriculture entities able to apply?

A: Farming corporations and other ag companies are welcome to apply as well.

Q: I operate a business outside of Boone County. Am I eligible to apply?

A: No. The Propel Program is available for only Boone County small businesses at this time.