The Hopi Credit Association is not a traditional lender or bank. We are a Native CDFI lender who can work with higher-risk borrowers, including those who do not qualify for bank financing.
Our goal is to provide qualified applicants loan funds needed for various business purposes such as:
- Business startup
- Expansion
- Facilities
- Equipment
- Material
It is recognized that business enterprises on the reservation are very limited in number and types of service. To service this market, HCA will give this lending segment its active support to further the development and operation for more businesses on the reservation and further economic growth.
To service the small entrepreneurs on Hopi, HCA also makes available small microenterprise loans in amounts up to $5,000.00. These loans will be for the entrepreneur who needs only small amounts of credit to purchase items such as raw material, tools, etc.
Basic Eligibility Requirements:
- Must be enrolled member of the Hopi Tribe
- Must reside on Hopi Reservation full time
- Peddlers permit or business license
Loan Size:
Business Loan: up to $100,000.00
Microenterprise Loan: up to $5,000.00
Rates:
Fixed Rate: 10%
Fees:
- 3% Loan fee of approved amount
- $15.00 application fee
- $14.00 credit check fee
- $3.00 share cost (1 share for every $100.00 of loan amount)
- Any other direct costs incurred by HCA
Term:
Determined on a case-by-case basis.
Security/Guarantees:
All loans must be secured by collateral.