Willmar Area Multicultural Business Center

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Micro-Loan Program: 

WAM-BC specializing in working with businesses in low- and moderate-income communities, among them women- and minority-owned firms. The program provides customized support for entrepreneurs through ongoing technical assistance and training as needed for the length of the loan. While banks generally require that businesses meet three criteria in lending—strong credit, collateral and cash flow—the WAM-BC requires applicants to have a credit history demonstrating a reasonable assurance of loan repayment and some collateral.

The maximum loan amount is $10,000. Loan term is 3 years or less, with a below marker interest base rate. 

WAM-BC has led the way in West Central Minnesota in developing asset-based financing for minority owned businesses and aims to assist business with job creation and formalization. 

Micro-loans offered in currently in two counties (expansion plans in progress): Kandiyohi and Meeker Counties.