FAQs
What is the Women’s Enterprise Action Loan Fund (WEALF)?
WEALF is a non-for-profit loan program designed to assist women business owners with an interest free loan and one-to-one mentoring from successful businesswomen. Additional loans are available at a low interest rate.
What is the Mentoring Program?
WEALF recognizes money alone is not sufficient to assist women in building a successful business. Our mentors are an accessible team dedicated to creating a supportive environment in which our entrepreneurs can flourish. Importantly, the women on our board understand the special challenges women face and work one-on-one to develop long term relationships that address their issues. WEALF mentors are experienced businesswomen and consultants. Specific areas of knowledge include finance, brand development, marketing, real estate, public relations, law, fashion, and strategic planning.
What is the Mission of WEALF?
WEALF is dedicated to assist women become financially self-sufficient through their business, regardless of their age, zip code, and ethnicity. We do that by providing access to no-interest and low-interest loans and guidance through our team of experienced women mentors. Loans are granted without collateral or guarantors.
Who can apply for a loan?
All women with an active business in the New York Metro area are eligible to apply for a loan. No collateral or guarantor is required to apply.
What are the size and payback of loans?
First time loans are up to $10K. Subsequent loans are available up to $10K at an interest rate of 3%. Loans are repaid on a monthly basis over 3 years for first loans and 3 years for subsequent loans.
What is the Application Process?
Applications are available on the WEALF website. In addition to the application, all candidates are required to submit their resume and financial information. All information submitted is reviewed by the WEALF Board of Advisors, followed by an interview between the applicant and the Board of Advisors. The process from an application submission to a decision takes from 1 to 3 months.
What is the Participant Experience?
Being an entrepreneur can be lonely. Participants have access to a team of women mentors who are dedicated to creating a supportive environment in which entrepreneurs can flourish. Mentors work on a one-to-one basis, focused on the needs of the individual. WEALF entrepreneurs are invited to special programs designed to address business and personal issues as well as opportunities to network with one another. Participants in the program continue to be included in the mentoring program after the repayment of their loan.
What are the terms of the Mentoring Program?
Mentoring is a two way relationship. Advisors and mentors decide on the goals. Mentor will develop a mutual understanding of expectations and how best to communicate, how often and when and where to meet. WEALF Mentors are donating their time and expertise. As a participant, you agree to fulfill your role by respecting your Mentor’s time as they will respect yours by being responsive to you and your needs. The mentoring relationship is intended to extend for the life of the loan and beyond.
How can you get involved in WEALF?
You can become a member of the WEALF family by applying for a loan, becoming a mentor, making a donation, or supporting entrepreneurs through buying their products and services. WEALF is a non-profit organization (501c3) as a program under our partnership with Accompany Capital.
What is WEALF’s founding philosophy?
WEALF was founded to address the major gap in financing opportunities between women and men. Importantly WEALF provides access to capital for underserved women without collateral or a guarantor.