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Frequently-asked Questions

If you have a question that's not answered on this web site, please contact us. We'll be happy to provide the answer.

Q – Who is eligible for loans?

A – Enrolled members of the Eastern Band of Cherokee Indians and residents of the 7 far west counties of NC: Haywood, Jackson, Swain, Macon, Graham, Clay, Cherokee.

Q – What is the range of your loans?

A – Loans range from $1,000 to $150,000 depending on the type of loan. (click here for application).

Q – How do I get started?

A – If you need help starting a new business, we can put you in touch with local small business advisers, attorneys, accountants, and other professionals who can help you write your business plan, choose the right legal structure, set up your bookkeeping, and advise you in marketing your business. Click here to get started or call Hope Huskey at 828-359-5005.

Q – What can I use loan products for?

A – Your loan can be used to start or expand your business by buying equipment, renovating a building, adding inventory, or for working capital. Take a look at our various loan packages.

Q – Do I have to have collateral to get a loan?

A – Yes. Sequoyah Fund requires collateral, even if it is in a subordinated position. You must contribute 10% of the project costs as equity.

Q – Can you help me with bank financing?

A – Yes. If you qualify for a bank loan, we can prepare and walk you through the process with one of our banking partners.

Q – Will you help me fill out paperwork?

A – Yes! Click here to get started or call Hope Huskey at 828-359-5005.

Q – What kind of documents will I need to provide?

A – You'll need the Loan Information Checklist.

Q – How long does it take to get a loan?

A – You should allow 3-6 months to complete the loan application process.

Q – Do I have to take classes to get a loan?

A – Training is a pre-requisite for most Sequoyah Fund products. Even if you are a seasoned business owner, refresher courses are important to your overall business plan.

Q – Are there fees for your training, meetings with a business development specialist, or for submitting a loan application?

A – There are no fees for meeting with a business counselors. Some trainings require small registration fees to cover food, instructor, and material costs. There is a $25 loan application fee.

Q – Can I attend the training and classes without applying for a loan?

A – Of course. Just check our calendar for the latest class schedules.

Q – Do you pull my credit?

A – Yes. We pull credit immediately for clients interested in a loan. Sequoyah Fund has a credit coach on staff to review your report with you and assist with credit repair, budgeting, and other financial needs.

Q – I know my credit is bad. Will I still qualify for a loan?

A – Sequoyah Fund considers many aspects when looking at loan requests, including your credit score, strength of business plan, business idea and even your character. If your score is low we have programs in place to assist. Call us at 828-359-5005 to schedule a meeting with a credit coach.

Q – Where can I find good office space in Cherokee?

A – Check out our coworking space, Open Office, for creative solutions to office space.

Q – What is a CDFI?

A – CDFI stands for Community Development Financial Institution. We are an independent, non-profit lender that is certified by the US Treasury CDFI Fund. We focus on assisting individuals who are good candidates to open businesses and pay back loans, but are not having their needs met from traditional bank loan products. We can also partner with banks in offering loan products, especially larger loans.

Q – Do you give any grants to small businesses?

A – No. We provide training, technical assistance and a loan fund program to support business development.

Q – Do you have a basic business guide to starting a business in Cherokee?

A – Yes, our Cherokee Business Guide (pdf) includes small business resources, licenses required, site reviews, and contacts for sign approval, legal, banking, and electricity; as well as training opportunities.

Sequoyah Fund

Ginger L. Welch Complex
810 Acquoni Road 
Cherokee, NC 28719

Ph 828-359-5002
Fax 828-359-5007

Monday - Friday
8:30 am - 4:30 pm

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