Business Start-Up Assistance

Business Startup Assistance

Interest Free Loan Application

"*" indicates required fields

1Borrower + Loan Information

2Co-signer Information

Legal name of Borrower*

This is the name the government recognizes the business by. It is on the articles of organization, tax documents, etc. If business is not yet officially incorporated, list the date by which it will be (not longer than 60 days from loan date). Borrower is responsible to notify Gemach in writing of the legal business name by that date.

First Last

Email Address*

The best email to reach the Borrower.

Phone Number*

The best number to reach Borrower.

Address of Borrower*

This is the Borrower’s place of residence. In the event this address changes, the Borrower will immediately notify the Gemach in writing. The Borrower must reside in Metropolitan Detroit, Michigan at all times of the loan.

Street Address City State ZIP Code

Legal name of the business*

Tax ID number (or EIN/employer ID) of business*

This number is provided by the government. If the business has not been officially organized yet, list the date by which it will be officially organized (not longer than 60 days from loan date). The Borrower will be responsible to notify the Gemach in writing of the tax ID or EIN number by that date.

Address of the business*

The address the business is registered at, as recognized by the government. If the business has not been officially organized yet, list the date by which it will be officially organized. The Borrower will be responsible to notify the Gemach in writing of the business address by that date. In this instance, the Gemach will communicate with the Borrower at his/her/its address listed above.

Street Address City State ZIP Code

Industry of the business*

For example: Healthcare, automotive, construction, etc.

Description of the business*

Describe what the business will do, including but not limited to the products and/or services it will provide, and to whom it intends to provide those products and/or services.

Attach an overview of the total planned business expenditure*

The total startup costs for the business. The total of all the costs should add up to the total expected startup cost listed below. It is necessary to detail the costs in different areas of the business; for instance: Advertising, employee wages, legal fees, cost of materials, etc. It is not necessary to list costs of specific items; for instance: Newspaper ads, internet and phone, staplers, etc.

Max. file size: 256 MB.

Describe where the loan dollars are expected to be applied within the total expenditure provided in response to the above question. Also, describe what the Borrower will annually provide to the Gemach to account for all the loan dollars to demonstrate they were applied toward the business over the life of the loan.*

Where are the dollars from the loan expected to be used among what was provided in response to the prior question? What will be provided to the Gemach each year to show that the loan amounts are accounted for as applied toward the business, and were not used for another cause? Note that the expected use of the funds may differ from the actual use of the funds, but the funds must be shown to have been applied entirely toward the business.

Total expected startup cost*

This should align with the total of all costs provided above.

Loan amount sought*

The loan amount cannot be more than 60% of the total expected startup cost.

What will the Borrower provide once a year to the Gemach to show it is IY”H still in operation?*

Attach a Business Plan*

For background and assistance on producing a Business Plan, see https://learn.sba.gov/learning-center-plan/learning-center-how-to-write-a-business-plan and https://www.score.org/event/developing-business-plan

Max. file size: 256 MB.

Verify Borrower has completed the required readings*

Why Recordkeeping is Vital and How to Do it

Click here to review the article

required readings2*

10 Bookkeeping Basics You Can’t Afford to Ignore

Click here to review the article

required readings3*

3 Basic Financial Statements You Need to Keep Track of Your Money

Click here to review the article

required reading4*

12 Month Cash Flow Statement

Click here to review the article

Attach a statement of financial need*

The loans of the Gemach are only for those who have a financial need for a loan. A ‘statement of financial need’ speaks to why you have a financial need for a loan, and is relied on to qualify you for the loan. By way of example, the statement can list the reasons why you are having trouble getting the necessary funds together; why you are seeking aid.

Max. file size: 256 MB.

The Cosigners must agree to immediately make any payments that are not fully satisfied in a timely manner by the Borrower. This includes quarterly payment amounts, the full outstanding amount of the loan in the event the Borrower fails to meet an obligation in the Loan Agreement, and any court or Beis Din costs – and the Gemach’s reasonable expenses - necessary to enforce missed obligations. Cosigners cannot be the Borrower’s spouse, child, son-in-law, or daughter-in-law. The two Cosigners on a single loan cannot be spouses. Cosigners cannot be a Rabbi with an administrative role in a communal institution. Cosigners must be at least 25 years of age, cannot have an outstanding loan of their own with the Gemach, or have a past loan with the Gemach that experienced a default.
After the submission of this application, you will receive an email with the Cosigner Acknowledgement forms for each Cosigner.

Cosigner 1

Legal name

First Last

Email*

Address*

Street Address City State / Province / Region ZIP / Postal Code Country

Relation to borrower*

Cosigner 2

Legal name

First Last

Email*

Address*

Street Address City State / Province / Region ZIP / Postal Code Country

Relation to borrower*

Signature of Borrower*

Date signed*

By clicking “Submit,” you agree that you are adopting the following as your “Electronic Signature” in accordance with the E-Signature Act and Michigan’s Uniform Electronic Transactions Act: 1) clicking “Submit” in connection with any application; 2) by writing your signature via a mouse, finger, or stylus; and 3) by any other method permitted by us to express consent or agreement to an application or document. In addition, you agree that your Electronic Signature shall have the same effect as if you had signed the Document or electronic record in ink. Further, by applying your Electronic Signature, Borrower acknowledges that the terms of this Application will be integrated into any loan agreement they enter into with the Detroit Economic Gemach, the information is true, accurate, and complete as the date submitted.

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