Seton Enablement Fund
Frequently Asked Questions
What kinds of projects does the Fund assist?
• Low-income housing development
• Community development efforts such as co-ops and land trusts
• Business ventures that directly benefit low-income communities
• Employment opportunities developed for worker-owned or minority enterprises
• Environmental and sustainability projects
Who can qualify?
Loans are made to nonprofit organizations, financial institutions and for-profit organizations that benefit the poor and underserved. Loans are not made to individuals. Some of the criteria considered in reviewing applications include:
• Will the poor and/or underserved benefit?
• Is conventional or other financing unavailable?
• Is there adequate financial stability and business planning?
• Are just management practices in place?
• Are the economically disadvantaged empowered to develop themselves and their communities?
• Are low-income persons represented in management and board-level positions?
What are the terms of Fund loans?
The maximum loan is $150,000. The average loan is $100,000. Monies are loaned at a low interest rate (usually 3 percent per year) for a maximum of five years. All monies are available as loans—not grants.