Loans



Elmseed offers loans of up to $5000 at a 10% annual interest rate to entrepreneurs in the Greater New Haven community looking to start or expand their businesses. Applicants are evaluated primarily on their proposed use of funds, business plans, personal and business cash flow, and credit history. Loan officers carefully evaluate applicants to ensure that an Elmseed loan will not burden them with additional debt. As Elmseed seeks to provide funding to those individuals who lack access to traditional sources of capital, in considering a loan application the potential impact of the loan is as important a factor as the probability of repayment. This philosophy stands in stark contrast to traditional lenders and allows us to better achieve our social mission of promoting economic development and self-sufficiency.

Clients work together with Elmseed consultants and loan officers to prepare an application that must be ultimately approved by the Board of Directors. Individualized post-loan consulting also ensures that the impact of the loan is maximized in order to best support or grow the client’s business. This personalized and thorough approach to lending has resulted in a high loan repayment rate and quantifiable success for Elmseed loans.

What Do I Need to Apply?
1) A full business plan or executive summary

2) Basic financial projections

3) Proof of income and copies of all pertinent licenses to be submitted with the application.

Apply
Find out if you are pre-approved for a loan today by filling out the preliminary loan application form from on our website. Our loan officers will get back to you in 2-3 business days.

If you are pre-approved for a loan, we will work with you to complete a loan application package to submit to our Board of Directors for review.

Loan Metrics
Total Quantum of Loans Disbursed  $80,000

Loan Applications  45 (up from 36)

Overall Repayment Rate  91% (100% over the last 12 months)

Pre-approval percentage  51.1%

Maximum Loan Amount  $5,000