This question ask about how long your business has been operating. Do not count from the day you registered your business unless that's when you began operating. Instead, count from when you opened your doors and began providing goods and/or services.

As a Community Development Financial Institution (CDFI), MCCD provides loan capital to entrepreneurs who face challenges in accessing the commercial banking system, with a focus on Black, Indigenous and People of Color (BIPOC), Women, Low-wealth individuals, and geographical areas of under investment. Loan requests, after all required information is received by MCCD, go through a review process that may take up to 2-3 weeks.

MCCD loans are designed to partner with other nonprofit financing programs as well as private financing provided by the commercial banking community. Below are some key points of MCCD's loan guidelines:

• Borrowers must be a "for-profit" business.
• Loan interest rates are affordable and do not exceed 7%. Lower rates may be available based on the project.
• Generally, loan capital for start-ups is capped at $25,000.
• There's potential for larger financing packages for established businesses.
• Loan proceeds can be used for working capital, inventory, equipment, purchasing or improving owner occupied real-estate, leasehold improvements and general business purposes.
• Borrowers must also make an equity injection to MCCD financed project. 

I recognize that MCCD is dedicated to maintaining the confidentiality of all private client information, including, but not limited to, business data, business plans, and tax identification numbers. I understand that as an organization receiving financial support from foundations and state and federal agencies, MCCD may be required to document and share client information with public and nonprofit agencies as a condition of program funding. Such information will be treated as confidential by all parties and shared only to the extent required for program compliance, and not for further distribution.