What kinds of loans does MESO offer?
We offer small business loans to micro-entrepreneurs who have an existing business. We also work with limited number of start-ups on a case by case basis.
Who is eligible to apply for a loan?
Individuals who own and operate a business that has been in operation for at least 6 months are eligible to apply for a loan. Startup businesses are also eligible and are assessed on a case by case basis.
What are the different loan products that MESO offers?
We offer term loans to purchase assets, credit builders, credit lines, refinancing and commercial real estate financing.
What is the size of loan I can apply for?
Loans range from $100 to a maximum amount of $250,000. The size of the loan that can be borrowed depends on various factors including the financial capacity of the business to repay the debt, cash-flow, collateral, business viability, and other funder criteria.
What are the terms and interest rates?
We charge a fixed interest rate of 8.00% for all loans above $500. Please refer to the table for interest rates and terms
What are MESO small business loans used for?
Small business loans can be used only for business specific purposes that are outlined by the Small Business Administration (SBA) and our guidelines. Examples of uses include purchase of business assets, inventory, advertising, marketing among other business specific uses.
What documents do I need to apply for a loan?
Depending on the size of the loan, MESO will require the individual to submit an application, income statements, bank statements, business profit and loss statements, balance sheets, taxes collateral documentation and any other statements that are needed on a case-by-case basis.
Does MESO require collateral?
Yes. For all loans above $2500, collateral up to 150% of the value of the loan is required. Best forms of collateral are real estate, vehicles, business equipment, life insurance policies.
What if I have bad credit?
No problem! MESO offers small credit building loans to build credit history through consistent and timely installment payments. MESO also offers credit review to credit affected individuals and referrals to other agencies that provide credit repair services and credit counseling. Our interest rates also do not fluctuate.
Can I submit my loan application online?
At present, we do not take online applications. Due to the unconventional nature of the loans we service, we find it best to interact in person with our prospective borrowers. However once the process is underway, applications can be done by email.
What fees are required when submitting my application?
MESO does not charge an application fee.
If I submit an application, how long does it take to hear back regarding approval?
Timelines for processing loans vary depending on the type of loan and the loan amount. Once a completed application with supporting documentation is received, it typically takes between 15 – 30 days to complete processing. Reasons an individual may not qualify at a corporate bank include: insufficient or poor credit history, insufficient collateral, insufficient cash-flow, all of which make it challenging to obtain financing at corporate banks. MESO offers options that enable entrepreneurs to gain access to capital without having to resort to predatory loans in the present market.
Do you offer training to help ensure the entrepreneurs’ success?
MESO’s client-centered mission aims at working with businesses through individualized, one-on-one service. Our team works with business owners to build credit history, business development, financial education among many other services to ensure the growth and success of borrowers.
Do you have any grants to start or grow/expand a business?
MESO offers Individual Development Accounts, a 3:1 matched savings program to qualifying applications.
How will I know if my loan application has been approved?
You will be contacted by your loan officer; formal approval will come in the form of a commitment letter.
How soon will I get the funding after my loan has been approved?
Once we have all the documentation for how the loan will be used such as invoices for purchases, services etc, MESO will process the check request and disburse the funds either directly to you or to third parties.
How do MESO loans compare to loans from corporate banks?
MESO’s mission centers on improving the economic opportunities of individuals through empowerment, education and entrepreneurship for the benefit of the greater community. Our loan products come with technical support and business development assistance.