1655 Old Leonard Avenue
Columbus, OH 43219
www.ecdi.org
(614) 559-0115
About ECDI
•
Who we are: non-profit economic development
organization
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What we provide: knowledge, education,
mentoring, asset building grants, and small
business loans
•
Our focus: helping individuals succeed as small
business owners
Track Record and Goals
Since 2004 ECDI has:
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Assisted more than 2,000 businesses
Created and retained 4,000 jobs through that assistance
Since 2004 ECDI has had 4 main goals:
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Help families enter the financial mainstream
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Help new businesses get started
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Help existing businesses grow
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Create Jobs
ECDI Programs
Program 1: One-on-One Mentoring
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Individual mentoring sessions from business experts
Program 2: Individual Development Accounts
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Grants matched to a participant’s personal savings
Program 3: Small Business Academy
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Ongoing required and elective training
Program 4: Small Business Loans
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Business loans between $500 and $100,000
ECDI Programs, cont.
Program 5: Food Fort
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Subsidiary of ECDI that helps support and grow business owners
in the food industry
Program 6: Celebrate Local
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All-local retail store at Easton
Program 7: Children’s Health Insurance Enrollment
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Assistance enrolling in Healthy Start (no cost health insurance)
for eligible children
ECDI Programs, cont.
Program 8: The Women’s Business Center
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SBA Business Resource Center designed to support low-income
and minority women business owners
PROGRAM 1:
Small Business
Mentoring
Small Business Mentoring
FREE sessions to help you prepare, launch and
grow your small business conducted by an
attorney, an accountant, and a marketing expert
•
Basic Considerations Class - One hour class held each
quarter or as needed to provide an overview of issues
affecting small business
Small Business Mentoring
SCORE: SCORE is the non-profit arm of the SBA
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Provides one-on-one mentoring weekly
Will counsel for one hour per session
Focus is on business processes and business plans
To register for a SCORE counseling session go to their
website: www.ScoreColumbus.org
PROGRAM 2:
Individual Development
Accounts
Individual Development
Accounts (IDAs)
What is an Individual Development Account?
•
A matched savings grant rewarding monthly savings of income
eligible families building towards the purchase of an asset (home,
education, business)
Eligibility:
•
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Must be employed or self-employed
Must have household income at or below 200%/below the federal
poverty level
Minimum savings goal and timeframe:
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$25/month for at least 6 months
IDA Eligibility
Who is eligible?
Participant must be employed or self employed, and his/her
household income must be at or below 200% of the Federal Poverty
Guidelines. Household assets cannot exceed $10,000, excluding
one house and one car.
Household
Household 1
1
Size
Size
2
2
Monthly
Monthly
Income
Income
limit
limit
$2,452
$2,452 $3,088
$3,088
$1,815
$1,815
3
3
4
4
5
5
6
6
7
7
8
8
$3,725
$3,725
$4,362
$4,362
$4,998
$4,998
$5,635
$5,635
$6,272
$6,272
IDA Programs for
Businesses
United Way of Central Ohio
• Available for anyone who meets eligibility guidelines
• $2 matched for every $1 saved/maximum of $1,000 grant
• Save $500 and receive a grant for $1,000 = $1,500
Office of Refugee Resettlement
• Must have Refugee or Asylee immigration status and meet
other eligibility guidelines
• $1 matched for every $1 saved/maximum of $2,000 grant
• Save $2,000 and receive a grant for $2,000 = $4,000
IDA Application Process
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Determine eligibility
Meet with ECDI Staff
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General application and fee
Complete and turn in IDA application with $25 fee
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Attend require training
Financial Literacy and Get Your Business Up & Running
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Funds for business use only
Inventory or equipment
Other IDA Assets
ECDI also offers IDAs for down payment assistance
for first time home buyers and post-secondary
education assistance as well as limited IDAs for
home repairs and automobiles. Please contact IDA
staff for additional information.
PROGRAM 3:
Small Business
Academy
Small Business Academy
Training and Education
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Designed to provide knowledge and
guidance for the successful
development and management of a
small business
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Taught by professional trainers and
small business experts
(accountants, business advisors,
etc.)
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Ongoing pre-requisite and elective
training
Small Business Academy
Get Your Business Up and Running 101
• REQUIRED – for Loan and IDA applicants- cost $100
• 3-week overview of business ownership - Program includes 12
hours class time and up to 12 hours of mentoring assistance:
• Developing your business concept
• Preparing your loan request
• Business plan review
• Mentoring sessions
Small Business Academy
Elective Training
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Beginning and Advanced QuickBooks
Putting your Biz Plan to Work
Bringing your Product to Market
HR Boot Camp
Marketing Plan Boot Camp
Bringing on Investors
Social Media Boot Camp
Sales for Non-Salespeople
PROGRAM 4:
Small Business
Loan Program
Small Business Loan
Program
Small Business Loans:
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Loans up to $100,000 to start-up or expand your business
Can be used for inventory, equipment, or working capital.
Do not fund build-out or real estate
Eligibility
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Must be a for-profit business
Must demonstrate ability to repay the loan
Subject to ECDI loan approval and credit policy
Application Requirements
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10% cash injection for existing business
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15% cash injection for start-up
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Collateral
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Personal guarantee
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Good Credit Score
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Business Acumen
Loan Terms
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Max. loan amount is $100,000
Max. loan term is 5 years/60 months
Payment due by ACH
Fixed interest rate: between 7.25 and 12%
Closing fees: 5% of loan amount
Funds may be disbursed at multiple closings
Additional fees: $100 for SBA loans due annually
No prepayment penalty
Loan Application Process
1.
2.
3.
4.
5.
Attend an information session
Complete and turn in general application with non-refundable
$25.00 application fee
Attend required training program
Develop effective business plan
Complete loan application and backup documents and submit
loan request
6. Loan review may take 4-6 weeks
Loan Application FollowUp
If approved
If not approved
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Receive commitment letter
with terms and stipulations
•
Receive list of items to work on in
order to reapply
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Loan will fund within three
weeks
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Meet with ECDI staff to create
plan to correct or resolve issues
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Attend post-loan training
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Correct items
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Reapply
PROGRAM 5:
Food Fort
www.thefoodfort.com
Food Fort
The Food Fort is a subsidiary of ECDI which means
all of ECDI’s other services are available to its
members and clients. This includes:
Access to capital through
loans and grants
• Training classes
• Mentoring
• Children’s Health
Insurance Enrollment
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Food Fort
ECDI is home to many of Columbus’
mobile food vendors and caterers.
Food Fort programming includes:
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Daily and long term Food Cart
rentals
Storage space for businesses
with their own carts or trucks
A new commercial kitchen and
bakery available for rent on an
hourly basis
Knowledgeable staff
Food Fort Facility
Facility Provides:
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24/7 access with client security cards
State-of-the-art alarm system
Video monitoring inside and outside
Dry storage and refrigeration for food truck and cart members
and kitchen and bakery mini anchors
Staff Provides:
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Assistance with permits and licensing
Assistance with test markets to sample products
Assistance locating local businesses to market your product
Training to help with success of your company
PROGRAM 6:
Celebrate Local
www.celebratelocalohio.com
Celebrate Local
Collaboration between ECDI,
Global Gallery, and Easton
Community Foundation
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At Easton
Features all locally-produced
products
Consignment model
Staff offer marketing and
other retail-focused assistance
Voted ‘Best New Store’ in
Columbus Alive
PROGRAM 7:
Children’s Health
Insurance Enrollment
Children’s Health
Insurance Enrollment
Small business owners are often unable to provide
health insurance for their family members or
employees’ families.
ECDI can help income eligible
families enroll in Healthy
Start/ Healthy Families, nocost health insurance.
Program covers pregnant
women and children under the
age of 19.
# of people in
family/
household
Annual income
2
$30,260
3
$38,180
4
$46,100
5
$54,020
Children’s Health
Insurance Enrollment
Children and teens of entrepreneurs and their
employees could be covered by Healthy Start/Healthy
Families no-cost health insurance.
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Eligibility based on age and household income (see above)
Covers prescriptions, dental care, doctor visits,
transportation, vision care, and more.
ECDI staff can help you apply, learn what verifications you
need, and submit your paperwork to the County
PROGRAM 8:
The Women’s Business
Center of Ohio
Women’s Business Center
Grand Opening February 2013
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Includes resource library, computer lab, free wireless access
Business Coaching/Mentoring/One-on-One Counseling
Training and workshop programs
Group Sessions
Partnerships with other Women Organizations
NEXT STEPS
Ready To Get Started?
Next steps:
1.
Turn in general survey – mark programs of interest on the form
2.
Write any questions/issues/concerns on the general survey and
client services will follow up
3.
Complete and turn in general application with $25 non-refundable
fee
4.
Schedule meeting with ECDI staff
5.
Sign-up and attend GYBUAR (loan and IDA programs)
1655 Old Leonard Avenue
Columbus, OH 43219
www.ecdi.org
(614) 559-0115