What distinguishes EDG from other microfinance organizations?
ECDC EDG is a 501(c)(3) non-profit organization that aims to help refugees, immigrants and low-income individuals achieve and realize America’s promise of opportunity by providing them access to financing to start or expand their own small business.
What are EDG’s programs?
Too many refugees, immigrants and low-income community members are unable to transform their dreams into a reality. EDG was founded with a primary focus on giving these individuals the chance to start and operate successful small businesses.
In a nutshell, we serve as a bridge toward self-sufficiency for individuals residing throughout the Washington, D.C. metropolitan area, giving them access to loan capital and help clients improve their general business skills.
We offer additional critical assistance and services beyond microloans. We help clients create effective strategies and provide training on topics related to the fundamental aspects of operating a small business, business incubator services and offer tips on how to create a viable business plan, tax clinics, marketing, risk management and other services.
Learn more about EDG’s programs here.
What kinds of businesses does EDG fund?
EDG funds small businesses encompassing a range of industries, including but not limited to: taxis, trucking, food/hospitality, service companies and much more.
How much money does EDG offer for small business loans? What is the loan period?
We help nascent business owners get on their feet and move forward with essential, small business loans. Loans range in size from $500 to up to $50,000 and repayment may last up to five years. There is a non-refundable charge of $100 to cover administrative costs.
What are the requirements to apply for a small business loan?
To qualify, you must be a legal resident of the U.S., a citizen, permanent resident, refugee or have been granted asylum in this country. Our organization focuses on community members who are unable to access capital from traditional financing sources, such as low- to moderate-income applicants.
What are the interest rates on EDG’s loans?
Interest rates vary from year to year. Your loan officer can tell you the current rate when you apply.
How do I get started with EDG’s microloan process?
To start, you will need to provide EDG with a good credit history; a business plan projecting anticipated income, expenses and profits; collateral appropriate to the loan size requested; and, a personal investment in your business (Note: EDG does not make loans for 100 percent of the start-up costs of a business i.e. requires borrowers to raise a matching fund as equity contribution.
What documents are required for EDG’s loan process?
- Two IDs, one with a photo. If you are a U.S. citizen, you will need to show a passport, birth certificate or voter ID card. If you are a refugee or asylee, an I-94 card or Green Card. For those with an ITIN, a copy of your card and number.
- Federal tax returns for the past two years.
- Proof of collateral ownership.
- Required licenses and permits.
- Proof of business insurance.
Who are EDG’s supporters?
EDGs supporters include federal, state and local government agencies, leading public entities, private financial and philanthropic organizations, as well as individuals that share our commitment to helping our community members achieve America’s promise of opportunity by providing them access to financing to start their own small business.
View a list of our funders and supporters here.
How can I support EDG’s work?
An investment in EDG would mean taking part in the grand objective of transforming the lives of the refugees by helping them get access to loans so start and expand their businesses and serves the significant unmet demand for refugees, immigrants and low-income Washington, D.C. metropolitan area residents to have better access to loan capital.
We rely on organizations and individuals who share our vision of ensuring that all local communities can participate in the economic mainstream. There are numerous ways to support our efforts, including financial contributions, vehicle donations, advocacy efforts and volunteer roles.
Learn more about supporting EDG here.
What if my question was not addressed in the FAQ section?
Please email us at [email protected] with additional questions.