What is the Synergies SEED Fund?
Who can apply for a SEED Fund loan?
What makes a strong application?
How long does it take to hear back after applying?
How will I know if I’ve been approved?
What does “origination date” mean?
What does “maturity date” mean?
Are there penalties for paying off my loan early?
Can I change how I use the loan after approval?
What if I have trouble making a payment?
Will my payment history be reported to credit bureaus?
Do I get support after receiving my loan?
Q: What is the Synergies SEED Fund?
A: The SEED Fund provides low-barrier loans ranging from $1,000 to $30,000 to entrepreneurs with disabilities who are ready to start, grow, or scale their businesses.
Q: Who can apply for a SEED Fund loan?
A: You may qualify if you self-identify as disabled, are at least 18 years old, live in the United States, and are actively managing your business.
Q: How do I apply for a loan?
A: You can complete our online application form. You’ll need to share details about your business, finances, and how you plan to use the loan.
Q: What documents will I need?
A: Common documents include: most recent tax returns for the past 3 years, business balance sheet, personal balance sheet, profit and loss statement, cash flow projections, business plan, articles of incorporation, drivers license, EIN certification, most current W-2 or pay stubs. Items vary depending on the age of your business and income type. Also banking information such as routing/account number will be requested in the loan process for issuing the loan funds if you are approved.
Q: What makes a strong application?
A: Clearly explaining how the loan will help your business grow, providing accurate financial information, and sharing reliable references can strengthen your application.
Q: How long does it take to hear back after applying?
A: We typically review applications within 3–4 weeks and will let you know if we need more information during that time.
Q: How will I know if I’ve been approved?
A: You’ll receive a formal loan offer by email with details on the amount, interest rate, repayment terms, and next steps.
Q: What does “origination date” mean?
A: This is the date your loan begins—the day you sign your loan agreement and funds are disbursed.
Q: What does “maturity date” mean?
A: The maturity date is the final day your loan must be fully paid off. It’s outlined in your loan agreement.
Q: What does “guarantor” mean?
A: A guarantor is the person or business that agrees to repay the loan. A personal guaranty is the term used to describe when a person agrees to take responsibility for the business’s financial obligation or “debt” if the person who has the loan fails to meet it.
Q: What does “collateral” mean?
A: Collateral is the term used to describe the security being provided for the loan if the loan is unpaid. Collateral can be sold and used to pay off the unpaid loan. Collateral are items of value such as equipment, appliances, furniture, cars, or real estate that can be pledged to the lender as security until the loan is paid in full.
Example; if you take out a mortgage, your home is the collateral for that loan; if you default or do not continue to make payments timely, the lender can foreclose on the home.
Q: Are there penalties for paying off my loan early?
A: No. You’re welcome to pay your loan off ahead of schedule without any extra fees.
Q: What can I use the loan for?
A: Loans can be used for expenses that help you grow your business—such as equipment, marketing, hiring, or working capital. Personal expenses are not allowed.
Q: Can I change how I use the loan after approval?
A: If your business needs change, let us know. In many cases, we can work with you as long as the use of the loan funds is still business-related.
Q: How do repayments work?
A: Repayments are made monthly based on your loan agreement. Payments can be set up electronically for convenience.
Q: What if I have trouble making a payment?
A: Contact us as soon as possible. We may be able to work out a repayment plan or offer support to help you stay on track.
Q: Will my payment history be reported to credit bureaus?
A: Yes. Making timely payments may help you build or strengthen your credit.
Q: Do I get support after receiving my loan?
A: Yes. SEED Fund borrowers have access to technical assistance, business coaching, and community resources to help you succeed.
Q: Can I apply for another loan in the future?
A: Yes. After successfully repaying your loan, you may apply again if your business needs additional funding.
Q: What if my business doesn’t succeed?
A: We understand entrepreneurship carries risks. If your business struggles, we’ll work with you to explore repayment options and connect you to resources that can help.
