25 Sheldon Blvd, SE
Suite 210
Grand Rapids, MI 49503
Microloan Parameters
Average Loan Size

$ 1,000 - $ 20,000 although larger loan sizes may be
considered.
Use of Loan Proceeds
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Purchase of business equipment such as machinery,
fixtures, or furniture.
Purchase of business supplies, materials, or inventory
Leasehold improvements
Working Capital
Loan Funds may not be use for:

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Salary or owner’s draw
Down payment on real estate
Real estate purchases
Payroll taxes
Construction
Terms

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Interest rates are determined by loan size.
12 to 72 month principal and interest repayment terms
No pre-payment penalty
Fees


2% Origination Fee
Specific Loan Costs (i.e. UCC filings)
Collateral

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Collateral or qualified co-signer is required.
A detailed list including any current liens must be
provided
Business assets, personal vehicles or property may be
used as collateral
Assets purchased with loan may be used as collateral
Who Qualifies


Most small or startup business located in: Kent,
Ottawa, Muskegon, Newaygo, Montcalm, Barry,
Ionia, Allegan, and Kalamazoo counties.
Women, minority members, low income individuals,
and veterans are a priority of this program
Business that do not Qualify
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Non-profit companies
Consumer and marketing co-ops
Academic institutions
Gambling concerns
Floor planning concerns (i.e. wholesale auto
inventory financing)
Speculative concerns (i.e. real estate and
commodities)
Lending and investment institutions
Multilevel marketing or pyramid sales
Applicants that are not Eligible

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Past due on federally guaranteed school loans or any
federal financial obligations
Past due on child support payments
Notified in writing by federal government that he/she
is not eligible for federal loan programs
Credit History

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Full information required
Quarterly financial statements and copies of income
tax filings must be provided for the term of the loan
Explainable circumstances are taken into
consideration.
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Microloan Program Disclosures
1. Grand Rapids Opportunities for Women wants to make sure that you have the support
you need be successful, so we will follow-up with you regularly to see what resources can
be of assistance to you as a business owner. To start this process, you will need to
attend our free Intro to GROW class before we close on a loan. It is offered on the first
and second Thursday of every month at noon and 6:00 PM. Also, you will need to
complete a free business counseling session with Tom Heinz, our program manager.
Both of these items need to be completed before any microloan will be funded.
2. With all loans, GROW files a blanket lien on all business assets. It is one of the most
flexible options, but that will prompt a series of questions about business assets, values,
etc. GROW does not require assets value to match loan amount, but that information is
provided to the loan committee to complete the “picture.”
3. It is Grand Rapids Opportunities for Women’s belief and observation that the interests of
the small business owner closely align with the business and it is common for business
assets to transfer to personal use and back again. To compensate for this practice, the
required documentation we use references both business and personal assets.
4. On page three of this application, it asks you to provide two denial letters from other
institutions. If the loan value is going to be less than $20,000 there is no need for denial
letters. Just list the two organizations on the bottom of page four of the application.
5. The microloan also has a 2% origination fee. This is to help cover the administrative
costs of analyzing, creating, and servicing the loan. This cost is broken down into two
components. The first is the $75 non-refundable application fee, and the balance will be
due at the closing of the loan.
6. We partner with other non-profit agencies in the community and the parameters of the
microloan program change regularly. Thus, we cannot always guarantee the accuracy of
the information provided from our partners. If there is a discrepancy, GROW promises to
be very open and try to do everything within our power to resolve the issue.
7. One of the requirements of the loan will be to have the monthly payment automatically
deducted from the business account. We do this so you can focus your energy on the
other aspects of your business which you are developing.
8. All microloans require a personal guarantee. This is incorporated into the loan
documents, but GROW wants to be very upfront with the fact that even though this is a
business loan, it is structured to have the owner share the risk with the business.
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Required Application Documents:
Please include the following documentation with your completed loan application
where applicable.
1. Completed Loan Application
2. Personal Financial Statement
3. Last two years of business tax returns of applicant (federal), complete with all schedules
(signed)
4. Last two years of personal tax returns (federal) of applicant, complete with all schedules
(signed)
5. Interim business financial statements-less than 90 days old
6. Two most recent months of bank statements (Personal and Business)
7. Two years of financial projections
8. Personal resume
9. Two signed letters of reference
10. Two letters of denial for loan requests over $20,000
11. Copy of government issued identification
12. Business Plan
13. Description of present or pending lawsuit(s), or bankruptcy
14. Franchise agreement (if applicable)
15. $ 75.00 Application fee (Balance of 2% origination fee will be due at loan closing)
16. Additional information that will enhance loan proposal
17. Certificate of Insurance – or quote
18. Lease Agreement – does not need to be signed
19. DBA, Articles of Incorporation, and/or partnership agreement, LLC, Bylaws, operating
agreement
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Microloan Preliminary Application
Section A: Personal Information
Name:
First
MI
Last
Maiden (if applicable)
Street Address:
County:
City:
State:
Zip:
E-mail:
If less than two years, please list previous address:
Home Phone:
Cell or other Phone:
Fax:
Social Security #:
Date of Birth:
Are you a U.S. Citizen?
Yes
Marital Status:
Single
Married
Separated
Divorced # of Dependants:
Name of Spouse:
No
Average Monthly Income Per Pay Period (Gross):
Wages (Gross)
Spouse Wages (Gross)
Other Income (Gross)
Total Monthly Income
$
$
$
$
Average Monthly Living Expenses
1. Housing
Rent/Mortgage
Heat
Electricity
Water
Phone
Taxes
Repairs
Clothing
4. Child Support
$
$
$
$
$
$
$
$
$
5. Insurance
Car
Home
Life Insurance
Health Insurance
Self Employment Tax
$
$
$
$
$
6. Personal Expenses
Credit Card/Debt Payments
Medical/Dental
Education
Professional Fees
Donations
Entertainment
Child Care
Vacations
Savings/Retirement
Other
2. Food
Groceries
Meals out
Gifts
$
$
$
3. Transportation
Car Payment
Gas
Maintenance
$
$
$
Total Monthly Living Expenses
$
Monthly Income minus Living Expenses
$
$
$
$
$
$
$
$
$
$
$
SECTION B: Legal
1. Any unresolved personal/ business judgments, unsettled lawsuits, major disputes, or tax liabilities?
If “Yes”, Please explain:
2. Has the business, you or any principals of the business, been involved in bankruptcy or insolvency proceedings?
If “Yes”, please give date and explanation:
3. Are you sixty (60) or more days delinquent on any debt, including Federal or child support?
4. Are you presently under indictment, parole, or on probation?
5. Have you ever been charged with or arrested for any criminal offence (other than minor vehicle violations)?
6. Do you have any ownership interest in any other businesses?
(if you answered yes to either question 3,4,5, or 6, please provide a written explanation.)
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3-4
Yes
No
Yes
No
Yes
Yes
Yes
Yes
No
No
No
No
SECTION C: Planning and Technical Assistance
1. Have you attended an “Intro to G.R.O.W” Orientation Seminar?
No
Yes
If “Yes”, when?
2. When and by whom was the business plan created?
3. Was a consultant used to help prepare the business plan?
4. Have you used business planning assistance?
No
No
Yes
If “Yes”, by whom?
If “Yes”, by whom?
Yes
5. Where did you learn about G.R.O.W.’s Microloan program?
Information for Government Monitoring Purposes
The following information is requested by the Federal Government for certain types of loans in order to monitor the lender’s
compliance with equal credit opportunity laws. You are not required to furnish this information but are encouraged to do so. The law
provides that a lender may not discriminate either on the basis of this information or on whether you choose to furnish it. If you furnish
the information, please provide both ethnicity and race. For race, you may check more than one designation. If you do not furnish
ethnicity, race, or sex, under Federal regulations, this lender is required to note the information on the basis of visual observation and
surname if you made this application in person. If you do not wish to furnish the information, please check the box below.
Borrower
Ethnicity:
Race:
Veteran
Status:
Sex:
I do not wish to furnish this information
Hispanic or Latino
Not Hispanic or Latino
American Indian or
Asian
Alaska Native
Black or African American
White
Native Hawaiian or Other Pacific Islander
Veteran
Non-Veteran
Female
Male
Co-Borrower
Ethnicity:
Race:
Veteran
Status:
Sex:
I do not wish to furnish this information
Hispanic or Latino
Not Hispanic or Latino
American Indian or
Asian
Alaska Native
Black or African American
White
Native Hawaiian or Other Pacific Islander
Veteran
Non-Veteran
Female
To be Completed by Loan Originator:
This information was provided:
In a face-to-face interview
In a telephone interview
By the applicant and submitted by fax or mail
By the applicant and submitted via e-mail or the Internet
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Male
SECTION D: Business Information
Business Name:
Business Street Address:
City:
Business Telephone:
State:
Zip:
Country
Business Website:
Fax:
Owners, Partners, Cosigners, Guarantors (other than yourself):
Name
Title
Title of person completing Application:
Social Security # Birth Date
Address/City/State/Zip
Percent of
Ownership
%
%
%
Date Business was started:
Employee ID Number:
Business is:  New  Existing If existing, for how long?
Number of employees: Current
Type of Organization  Sole Proprietorship  Corporation  LLC
 Partnership
If loan is approved
Other
Banking Affiliation: Name of Bank
City/State/Zip:
Phone:
SECTION E: Vendor Information (Please list five largest vendors)
Name
Telephone Number
Contact Name
Repayment Terms
SECTION F: Financing Information
1. Projected use of funds
Working Capital
Machinery
Equipment
Furnishings
Inventory
Other
$
$
$
$
$
$
2. Sources of funds available to invest in project
Bank Financing
Cash
Private Lender
Microloan
Applicants Equity
Assets
Other
For
Total Funds Requested $
$
$
$
$
$
$
$
Total Funds to Invest $
What is the proposed collateral?
Give present value of all items used to collateralize this loan:
a. Land and Building
$
b. Inventory
$
c. Accounts Receivable
$
d. Machinery and Equipment
$
e. Furniture and Fixtures
$
f. Other
$
Total Collateral
$
 No 
Is listed collateral used to secure other loans?
If “Yes” what is total balance of loans?
Have you been declined credit at two other financial institutions? (Documentation may be
required)
Which Banks?
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5-4
 No 
Yes
Yes
SECTION G: Certifications
Please read the following and sign the Application Form below. All owner, officer, partners, members and
stockholders holding 20% or more of the company’s stock must sign this application. Potential co-signers and
guarantors must also sign this form. Signing this application serves as each person’s express permission that
Grand Rapids Opportunities for Women may obtain the persons credit report, as well as authorization and
confirmation of the following statements. If you have questions, please call us at 616-458-3404.
By signing below, I authorize Grand Rapids Opportunities for Women (GROW) to obtain a credit report on me
through the credit reporting agency of its choice and to make such other investigations as GROW deems
necessary. I understand that GROW may verify, from all and any sources, all information I provided. I understand
that GROW may call prior lenders and creditors to verify credit information, as well as answer questions others
may ask about my credit record with GROW (of applicable). I understand that I must update credit and financial
information at GROW’s request. I authorize GROW to keep this application whether or not my request for credit
is approved.
The information in this Microloan Application Form is provided for the purpose of applying for funds under the
Grand Rapids Opportunities for Women Microloan Program. The information is true and accurate to the best of
my knowledge. I understand that personal and/or business information may be requested pursuant to this loan
application, and I hereby give my consent for such information to be provided to Grand Rapids Opportunities for
Women. I also understand that Grand Rapids Opportunities for Women retains the sole decision as to whether
this loan application is approved, disapproved, or modified. It is my right to accept or decline the loan amount,
the rate, and the terms approved by Grand Rapids Opportunities for Women’s loan committee. If an application
for credit is approved and not accepted and resulting loan closed within 90 days of dated approval notification,
then approval will be expire and any further credit requests will require reapplication by the applicant.
Signature:
Date:
Name (printed):
Signature:
Date:
Name (printed):
Signature:
Date:
Name (printed):
Signature:
Date:
Name (printed):
Please Return the Completed Application to the Microloan Department at:
Grand Rapids Opportunities for Women
25 Sheldon Blvd, Suite 210
Grand Rapids, MI 49503
Phone: 616-458-3404
THE ENTIRE MICROLOAN PROCESS TAKES A NUMBER OF WEEKS.
PLEASE ALLOW FOR APPROXIMATELY FOUR WEEKS FROM THE TIME OF APPLICATION.
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