Loans will be awarded in amounts from $1,000 – $2,500.
No interest will be paid during the loan terms. There is, however, a 2% (of the loan amount) Administrative Fee that is due at loan closing. Cash, Checks (payable to the Muncie Innovation Connector Inc) or major credit cards are accepted.
(Example: Loan Amount, $2,000 x 2% Administrative Fee = $40.00)
Loan repayments will typically be due as follows:
Payment # 1: One-half of the loan – October 15, 2020
Payment # 2: One half of the loan – December 18, 2020