A husband-and-wife team and their new car detailing shop are the first recipients of a North Side Community Federal Credit Union business loan.
Closing on a $15,000 loan in June, the Rolling Clean Car Wash was recently launched by Kevin Morris and Denise Buckman-Morris. The loan came from the $11 million North Side in Chicago through the Small Business Development Fund, which is provided by the Office of the City Treasurer.
The Morrises said prior to being approved for the loan, they were almost ready to open their doors but realized they needed some working capital to get the operation off the ground, according to the CU.
Having been members of North Side for several years, they turned to the 3,300-member cooperative for help.
“This loan allowed us to get a great jumpstart on the business and provide some cushion to fall back on. It’s a great program because it helps start small businesses when they can’t get help elsewhere,” Buckman-Morris said.
Buckman-Morris projects that the loan will enable the hiring of 10 full-time and 13 part-time employees and help with marketing salary and general operation costs and training at the car detailer based in Chicago’s Austin community.
Through North Side’s new SBDF, existing businesses can borrow up to $35,000 and start-ups can qualify for up to $15,000. Typically, these loans are used for build out, working capital and for acquiring machinery, tools and inventory, according to the CU. The loan term is up to five years at a prime plus 2% interest rate. The CU received the funding from Chicago’s treasurer’s office in February.
“Job creation and retention are key elements that we look for in a loan application,” said Jennifer Sierecki, manager and CEO of North Side. “Small business growth is vital in developing and sustaining our communities.”