Eligibility

In order to be eligible to receive a micro loan, individuals must first successfully complete the Business Training component of the Stepping Stones Entrepreneurship Program.

Upon completion of business training, GEODE clients will have a completed business plan which will be used as the basis for determining eligibility for a micro loan. Though it is our goal to provide micro loans to as many applicants as possible, completion of the six-week Business Training component of Stepping Stones does NOT guarantee a micro loan.

On occassion, the Micro Loan Committee or the GEODE Board of Directors may reject a loan application or invite an individual to reapply with modifications or improvement to their business plan, if they choose.

Micro loans are designed for individuals who cannot otherwise secure funding for their business. Therefore, credit history or access to collateral are NOT factors when determining a loan application.

Successful loan recipients must also agree to participate in a 'Peer Lending Circle' in order to receive their initial loan. They must also agree to visit with GEODE staff on occassion while the loans are outstanding and must also agree that all money received from GEODE be used solely on the business.

More detailed eligibility requirements can be obtained by contacting the Stepping Stones Program Coordinator John Marunchak at 705-222-5702.