Oweesta is pleased to announce the launch of two new loan products immediately available to our Native CDFI industry. Oweesta is currently accepting inquires for our new Line of Credit and Working Capital/Operating Loan. For Native CDFIs needing flexible capital sources, Oweesta is grateful to be able to offer these new loan products to our Native CDFI partners. Oweesta knows it is a challenging time for our Native CDFIs and hope the growing diversity of our capital options can provide opportunities for innovation during the difficult road ahead.
The origination fees on these loan products will be waived until August 1st in support of our communities affected by the COVID-19 crisis.
Working Capital/Operating Loan
The Working Capital/Operating Loan is designed to help Native CDFIs who may be experiencing a difficult time during the Covid19 pandemic or waiting to receive grant revenue they have been awarded, but not received. With this short term temporary loan Native CDFIs can ensure their operating capital will be there when they need it. While the interest rate on this loan will—in the long-term—vary based on market conditions, it is currently the cost of capital plus 1.5-2.5% with an origination fee of 2%.
Line of Credit
Our Line of Credit is a renewable line of credit for any of your general lending capital needs. This is a fantastic opportunity for Native CDFIs to launch an emergency loan product. On a one-year term, the current interest rate is the cost of capital plus 1.5-2.5% with an origination fee of 1%. This loan will have either quarterly or monthly interest-only payments with the principal due at maturity.
If you are interested in either of our new loan products, please follow the link below to access the Oweesta portal for the loan application. If you do not yet have access to the portal, please contact Isaiah Cornelius at Isaiah@oweesta.org to set up access.
For more information on these loans and how to apply, please contact Florence Ludka at firstname.lastname@example.org