News from our partners at Oweesta – Coming Soon: Two New Lending Opportunities
Two New Lending OpportunitiesOweesta is elated to announce two new lending products coming in the very near future, a Working Capital/Operating Loan for Native CDFIs and a new Line of Credit! Application materials for these loan products will be released the week of April 13th. 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 that 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.
The Working Capital/Operating Loan is designed to help Native CDFIs who may be experiencing difficult time waiting to receive cash on grants they have been awarded, but not received, or may just be having issues with the liquidity of their operating capital. With this short term temporary loan Native CDFIs can ensure their operating capital will be there when they need it. This loan is great for loan funds of any size facing any form of delay in grant distribution or any contractual payments you may need to make in keeping with your mission. While the interest rate on this loan will—in the long-term—vary based on market conditions, it is currently between 3-4% with an origination fee of 2%.
Our new Line of Credit is going to be a renewable line of credit for any of your general lending capital needs. This is a fantastic opportunity for Native CDFIs with a seasonal loan product, as well as for emergency loan products. On a one-year term, Native CDFIs can access a credit line that can support any loan product. While the interest rate on this loan will—in the long-term—vary based on market conditions, it is currently between 3-4% with an origination fee of 1%. This loan will have either quarterly or monthly interest-only payments with the principal due at maturity.
For more information on these loans, please contact Florence Ludka at firstname.lastname@example.org Stay tuned for more information in early April 2020!