Loan programs are available for disabled people to assist them with the start-up costs of owning a business. Business loans for disabled individuals help to cover the expenses associated with inventory cost, employee payouts, and property rent. Various lending institutions who sponsor disability loans normally charge lower interest rates, have a less stringent qualifying process, and in most cases the borrower doesn't need collateral for the advance. There are some industries that offer disability loans to help handicapped people with business ownership, such as the Microsoft Technology Business Incubator program.
Microenterprise is a term that is given to a business that has no more than 5 employees and where the start-up cost is $35,000 or less. People with disabilities who desire to open up a business that meets these requirements can receive financing from the Abilities Fund. The Abilities Fund organization works with Accion USA, a small business lender, to help provide funding. Applicants must fill out an Informed Choices preliminary document before receiving the loan application. Contact the Abilities Fund to find out the terms and conditions for this type of financial assistance.
Residents of Maryland who have a disability are eligible for an Assistive Technology Loan that can be applied toward the start-up costs of a small business. The Maryland Department of Disabilities offers this loan, which is available for costs up to $50,000. There are other requirements such as having a business plan reviewed by a business development organization. To find out more about this program, contact the Maryland Department of Disabilities.
The Department of Commerce and Economic Opportunity offers loans to disabled people that could help them to open up a business in the state of Illinois. The loan is called the Minority, Women, and Disabled Participation Loan Program. This loan program offers disabled people financing to purchase land, build structures, and needed equipment for the purpose of starting a business. Disabled people must own at least 51 percent of the business and have 500 or fewer employees. To find out more about this loan, you can contact the Business Finance Division, a part of the Illinois Department of Commerce and Economic Opportunity.
The Patriot Express Loan is a business loan from the Small Business Association (SBA) that helps handicapped veterans start up a business. Loan amounts can be as high as $500,000. Also, there is an 85 percent approval rate for loans up to $150,000. Veterans with a disability could use the funds to purchase buildings, buy equipment, and to pay for licensing and fees associated with their type of business. To apply for the Patriot Express Loan, visit the SBA in your area to get more information about this government-funded lending program.
Business Loans for Iowans with Disabilities is a program that helps handicapped people with the start-up costs for businesses within the state of Iowa. The loan amounts are available up to $10,000 for disabled individuals who qualify. Contact this organization to receive more information about the eligibility requirements for this type of funding.
Steven Miller earned his associate degree in the field of education and is currently continuing his education at Ohio Dominican University. A freelance writer since 2010, Miller enjoys gaining valuable experience and growing as a writer.