AVENTI LOAN FUND
About the Fund
Aventi Enterprises offers micro loans up to $25,000 to certified minority owned businesses in Central Ohio who have pending or existing contracts and have an immediate need for contract financing. These businesses are likely underbanked without access to a line of credit or bank loan due to low credit scores, discrimination, or other circumstances. Typical monthly revenues are between $2,000 - $20,000 and the company has, on average, 2 – 5 employees. Borrowers must have an existing relationship with Aventi Enterprises through training or consulting services.
Loan Eligibility
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Must be in business for at least one year.
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Must be MBE certified with the state of Ohio, NMSDC, or a local city within the state of Ohio.
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Must be registered with the Ohio Secretary of State.
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Headquarters of the business must be located within central Ohio.
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Must use the funds for gap financing to secure or maintain a contract. Funds can be used for marketing, technology, payroll, hiring, employee training, inventory, equipment, relocation costs, and/or leasehold improvements.
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Must be 21 years of age to apply.
Documents Required
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Year-to-Date Profit & Loss Statement
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Year-to-Date Balance Sheet
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3 months of Business Bank Statements
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A valid Driver’s License
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A copy of your MBE certification
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Most Recent Tax Return
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Ohio Secretary of State Registration
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Signed Contract Agreement
Eligible Use of Funds
Financing can cover working capital, equipment, and/or inventory. Most loans will be short-term loans (between 3 – 6 months) with an average amortized interest rate of 1.25%.
Ineligible Use of Funds
Must not use the funds for entertainment, leisure travel, debt refinancing, or personal expenses.