Program Description
Frequently Asked Questions: 

 

Q: What Services does JumpStart Loan Fund Provide?

A:

  • Micro-Loans
  • Riba (interest) free loans for Muslim clients
  • Business counseling
  • A referral system that introduces clients to other specialized assistance agencies
  • One-on-one technical assistance to develop business plans and financial projections
  • Assistance in completing loan applications
  • Post-loan technical assistance to monitor the status of the borrower's loan and business progress

Q: What kinds of micro-loans does JumpStart approve?

A: JumpStart approves loans for any legitimate business purpose, including:

  • Working capital
  • Purchase of fixed assets
  • Purchase of property (including land or building acquisition)
  • Improvement of property
  • Construction and renovation
  • Signage
  • Machinery
  • Equipment

Q: How much money can individuals receive from JumpStart?

A: Entrepreneurs who qualify for JumpStart loans can receive loans of $500 to $10,000. Exceptions for both higher and lower amounts are possible.


Q: How long do entrepreneurs have to repay the loan?

A: Fixed asset loans will be made for terms up to a maximum of 5 years, depending on several factors, including:

  • Life of the asset
  • Size of the loan
  • Strength of the company
  • Availability of loan funds from the government and private sources

Loan repayments will be required monthly (except in the case of seasonal businesses).

Q: Are there any application fees?

A: If an entrepreneur qualifies for a loan, and has been accepted to enroll into the JumpStart Program, there is a $10 enrollment fee.

 


 

JumpStart participant and owner of Mudcloth 2000: Wearable Art with JS business counselors.

JumpStart director, Greg Hope, with program participant.

Program Eligibility and Requirements

To be eligible, a person must be                       

  • a refugee, asylee, or other qualifying newcomer
  • at least 18 years old
  • residing in the Puget Sound area.

 In addition, the person must

  • have a viable business or business idea

Enrollment Process

Applicants are required to attend an orientation about the program and provide information to help assess character and the viability of the business venture. Applicants must then meet with a business counselor for a one-on-one consultation to discuss whether enrollment in the program is appropriate. 

Once enrolled in the program, each JumpStart participant will receive assistance in completing a business plan and a loan application. If approved by the JumpStart loan committee, the participant will receive a loan. Loans range between $500 and $10,000, up to five years, and bear interest at 4% above prime rate. Participants will also receive business technical assistance to ensure the growth of their business and increase their ability to repay their loans. 

                                                                                                                                                                   

To speak with one of our business counselors please call:

(206) 323-3152 Ext 101
or email us at:
info@jumpstartfund.org


We'll be happy to answer any of your questions or
schedule a consultation meeting!




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