The ICDC Microloan Program assists Isle au Haut business owners and their families to thrive on the island by providing working capital up to $25,000. With adequate collateral and a successful application, funds can be borrowed at an interest rate of 2% with up to five years to pay it back. These loans can be used for a host of purposes: seed money, marketing, equipment purchases, building or maintaining facilities, etc. From funding new fishing gear to providing capital for store inventory, the microloan program is here to help islanders succeed in business.
Application materials include a completed application form, current credit report, and two most recent IRS tax returns. The ICDC Micro Loan Committee reviews applications in confidence and all documents are returned without copies put on file.