Must be a business owner or co-owner of a business in the Downtown boundaries
Loan must be for business purposes only
Minimum credit score of 640
The following will make an applicant Ineligible
Outstanding collections or judgments
Outstanding tax liens
Declared bankruptcy in the past 6 months
Delinquent loans, mortgage, rent, or child support, or recent charge-offs and delinquencies
Loan Guidelines
Loan Amounts: Maximum of $5,000 (see tiers below)
Annual Interest: Fixed at the time of closing, 2.5% plus Prime (Wall Street Journal).
Loan Terms: $0 - $1,000 12 months
$1,001 - $2,500 24 months
$2,501 - $5,000 36 months
Loan Types: Installment Loan
Fees: $10 MSSF Members
$30 Non-members
Loan Purposes: Ranges from inventory and equipment purchase to business marketing and other expenses associated with building and maintaining a business.
Processing: Loans approved and disbursed upon receipt of completed application and all supporting documents.
Payments: DEDIF will initiate an electronic debit (withdrawal) to the borrower's designated account. All payments will be due on the 15th of each month.
Late Payments: Late payments incur a penalty of $10.00 or 5%, whichever is greater, after a 10 day grace period.
Pre-payment: There is no penalty for pre-payment of loan.
For more information or an application, please contact Shar at 605.338.4009 or email shar@dtsf.com
