Application Requirements

Application Requirements. All qualified entities will provide applicants under this program an application packet that includes the MBE loan application, a summary of the loan program criteria, eligibility requirements, a summary of the application process, loan closing procedures, and applicable fees. All MBE loan requests shall be submitted to MDA on the approved Minority Business Enterprise Loan Application. This application is intended to be completed by the qualified entity with information provided by the applicant. The qualified entity’s board or designated loan committee shall first have approved all loans submitted to MDA for consideration. At a minimum, the composition of the Board of Directors shall include an individual with current banking experience, an individual owning a for-profit, commercial enterprise, a minority individual with current experience in banking or business ownership and a female with current banking or business ownership experience.