Financing

New Growth Capital

New Growth Capital offers microloans to startup and existing rural businesses that are unable to find financing elsewhere. Our goal is for microloan borrowers to grow and graduate to traditional bank loans.

New Growth Capital also helps small rural businesses get going and growing with development assistance through the New Growth Women’s Business Center and partners in the START HERE Business Acceleration Network. Most microloan borrowers receive business technical assistance. In addition, New Growth helps individuals and entrepreneurs move into the financial mainstream with credit building assistance.

What is a microloan?

A microloan is designed for aspiring or existing businesses that are having difficulty securing bank financing or are unable to self-finance their venture.
Payments are reinvested back into the community through new microloans.

AMOUNTS ranging from $500 up to $50,000

INTEREST RATES are between 4% to 12% above PRIME

TERMS from 90 days up to 7 years with no penalty for early payoff

COLLATERAL Flexible requirements. No collateral required for loans of $3,000 or less

Am I ready to apply for a microloan?

You are ready to apply for a microloan if you meet most of the following criteria:

  • You own a business or have a business in development

  • Have sufficient business plan information, including expenses and revenue projections

  • Have current and documented personal income and/or business revenue

  • Have an open bank account that is in good standing

  • Can provide at least two professional references

How do I prepare to apply for a microloan?

New Growth Capital and our partners will help rural entrepreneurs prepare to become microloan ready. If you are a potential borrower, you must:

  • Have a well-formed business idea and be willing to develop a business plan around that idea

  • Be willing to take action to improve your credit score over a short period of time

  • Have the ability to ultimately meet load readiness criteria listed in the previous section

What is the process for obtaining a microloan?

New Growth Capital typically funds loans within 14 days from the date ALL required documentation is received. Schedule a one-on-one session with a New Growth Capital loan counselor today.

Schedule

Schedule a one-on-one session to discuss your business and loan readiness. Call New Growth at 417-282-5936 or email wbcinfo@newgrowthmo.org

Apply

Work with a New Growth Capital loan counselor to complete the full loan application.

Provide Documentation

Provide the required documents. The number and type of documents will vary by the type and size of the loan. Additional documents may be required before closing.

Presenting Request

When ready, the loan counselor will present your request to the START HERE Revolving Loan Fund underwriting committee. This group of qualified community members approves and denies loans. The committee may request additional information.

Closing & Review

If approved, New Growth Capital will schedule a loan closing date and review all documentation. It may require updated or additional information.

Disbursement

The loan is now ready to be disbursed. Congratulations on starting your journey into the world of entrepreneurship!