The Elmseed Loan

Elmseed members are eligible to apply for two consecutive loans -- a first year-long loan of up to $2,000 followed by a second year-long loan of up to $4,500. While not all Elmseed members choose to take out loans, Elmseed's business consulting and training services compliment our lending program and are designed to help members to more fully benefit from Elmseed's loans.

The Elmseed loan application includes a copy of the applicant's full business plan, references, and a signed copy of the applicant's most recent tax return (other financial documents may be substitutable upon request). Loan applications are evaluated on the basis of 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 for the first loan, if applicable. Unlike most traditional lenders, Elmseed does not consider applicants' credit scores.

The repayment term for all Elmseed loans is one year. Loan payments are made once every two weeks, beginning two weeks after a loan is disbursed. Elmseed charges a simple 10% interest rate on the first loan, while the interest rate for the second loan may vary depending on repayment of the first loan.