wedco
wilmington economic development corporationWEDCO
Small Business Owners
The WEDCO loan program provides financing to small businesses in the City of Wilmington, DE that cannot obtain financing from traditional sources. Small businesses in need of working capital or equipment for expansion can look to WEDCO to meet their needs.
Primary Advantages
WEDCO provides financing for working capital and equipment at low fixed rates for companies in need of capital for expansion.
Loans of up to seven years, fully amortizing, allows businesses to keep their payments low and to retain cash for business operations.
Community Impact
Jobs
An expanding small business creates new jobs in the community.
revenue
Tax revenue increases from job related tax increases with the expanding workforce.
expansion
Providing working capital enables the small businesses in Wilmington to become growth engines for the community.Â
Loan Package
The items needed by DCDC to obtain approval are essentially the same as the items needed by any commercial lender.
- 3 years business tax returns projections if historical cash flow does not provide adequate debt coverage.
- Personal tax returns and financial statements for all owners.
- Contract to purchase land and building and renovation estimates.
With a complete package WEDCO is able to obtain approval in 10 to 15 days, depending on the complexity of the project, following the lender’s commitment.
Frequently Asked Questions
What can the WEDCO loan be used to finance?
The WEDCO loan may be used to finance working capital for expansion, new equipment or improvements to the small business’ work place. It cannot be used to refinance debt, real estate, or vehicles.
How much can be borrowed?
WEDCO loans range from $5,000 to $50,000 and are usually part of a larger financing package.
What are the terms of the WEDCO loan?
The loan can be from thirty-six to eighty-four months, with a fixed rate of 6%. There is a $250 application fee and a 1% documentation fee.
Is there a prepayment penalty?
The WEDCO loan can be prepaid at any time without penalty but it cannot be partially prepaid.
Recent Projects
La Fia
An artisan bakery, bistro, and market located in Downtown Wilmington at 421 Market Street. This WEDCO loan for was provided for the purpose of assisting in an inventory system, working capital, and furniture.
WEDCO Board of Directors
Stanley F. Soja, Jr., President
Wilmington Parking Authority
Jeff Flynn, Secretary
City of Wilmington
Heath N. Kahrs, CPA, Treasurer
Santora CPA Group
Tanya Washington
City of Wilmington
Willie F. Henry, Jr.
Advancing Strategic Innovations, LLC
Brent Taylor
City of Wilmington
Joseph V Williams, Jr.
State Farm
Antonios Roustopoulos
Richards, Layton & Finger
Anthony Ryan
WSFS Bank
Patricia Ponzo
Retired
Robert L. Duke, IV
Retired
Michael Turick
BP Group
Get In Touch
WEDCO
100 W. 10TH STREET, SUITE 214
WILMINGTON, DE 19801
PHONE: (302) 571-9088
FAX: (302) 652-5679
INFO@WEDCO.ORG