Loan Application

Loan Size
Members of Elmseed are eligible to apply for two consecutive loans. First-time borrowers may apply for loans of up to $2,000. After repaying this first loan, borrowers are eligible to apply for a second loan of up to $4,000. Clients with perfect repayment histories on their first loan may apply for a second loan of up to $4,500. The term of all Elmseed loans is one year.

Self-funding
All Elmseed loans include a self-funded component. Elmseed requires that clients fund at least 15% of each loan. Therefore, Elmseed will disperse up to 85% of the principle. For example, on a $2000 loan, borrowers receive up to $1700 from Elmseed and provide at least $300 from their personal savings. Elmseed views self-funding as a valuable opportunity for our clients to demonstrate commitment to their business projects.

Loan Application
Elmseed members who would like to take out an Elmseed loan are required to submit a loan application. Successful loan applications must be approved by the Elmseed staff and by the Elmseed Board of Directors. Loan applications are evaluated on the basis of several factors, including the quality of the loan application, the quality of the business plan on which the application is based, and the repayment history of the client on the first loan, if applicable. Elmseed does not consider applicants' credit scores.