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Alice’s Integrity Loan Fund
Alice Dittman, retired CEO of Cornhusker Bank, is giving $1 million to establish Alice’s Integrity Loan Fund, a micro-lending program for individuals who want to start or grow a business. Alice’s Integrity Loans will be considered for any amount, up to $5,000 at a fixed interest rate of 6 percent, with repayment no longer than 3 years or 36 monthly payment. If the loan has been paid as agree, a step up loan of $10,000 may be possible. A qualified burrower must be a resident of Lincoln or Lancaster County, Nebraska.
Loans will be evaluated on 4 specific standards:
- Character 40% - Applicant must demonstrate by record, a payment history. Demonstrate definitive service to others and absence of destructive personal behavior or addiction.
- Capacity 30% – The ability of an individual to carry out their business idea. The individual must commit to completion of a business plan.
- Commitment 20% – The responsibility of the individual borrowing money from the Fund to repay the loan. To commit to helping another individual to follow sound stewardship with their income.
- Capital 10% – It is not the intention of the Fund to require collateral, however some type of measurable equity must be provided.
The program is administered by Deb Payne, fund manager and coach located at Community Development Resource (CDR). CDR is a Community Development Financial Institution certified by the U.S. Treasury that provides provides financial products and services to businesses underserved by traditional financial institutions.
Contact Deb Payne at 402.436.2435 or deb.payne@cdr-nebraska.org or visit the Alice’s Integrity Loan Fund website.