Loan Repayment

Repayment
All Elmseed loans are to be repaid over the course of one year. Loan payments must be made once every two weeks at Elmseed center meetings, and should include any business-related receipts. To facilitate repayment, Elmseed staff will provide clients with a calendar of payment due dates at the time of loan disbursal.

Interest Rates
The interest rate on a first loan is 10% per annum. All interest is assessed monthly based on unpaid principal. Interest is calculated on the portion of the loan that Elmseed funds and is paid at the end of the loan term.

The interest rate on a second loan depends on repayment of the first loan. If the first loan is repaid on time, the interest rate on the second loan will be 8%. However, any late payments on the first loan will result in a higher interest rate for the second loan. Elmseed charges a 2% processing fee on the second loan.

Please note that for any Elmseed loan that is repaid on time, the client will receive a 50% rebate on interest paid.