Grow Your Business Loan
What do you get?
Grow Your Business Loans are available in amounts from $50,000 – $250,000. This product is designed specifically for existing businesses (three or more years) that have an opportunity for growth. In order to act as quickly as possible, the application process is simplified. Depending upon your business’s circumstances, the loan proceeds can be made available as a:
- Term Loan or
- Line of Credit
If your application is approved, because CEDF is not a bank we can offer you:
- Payments tied to your cash flow
- No pre-payment penalties
- Repayment terms of up to 10 years
- A Business Development Advisor who will be assigned to offer you help and ideas about how best to operate your business
Your business must have been operating at least three (3) years. If your business is located in one of the eligible communities or your household income is less than $89,700, there are only a few simple steps to take:
- Complete an application form
- Provide your last 3 years tax returns
- Provide a one-page marketing/management statement
- Write a brief Community Impact statement – this explains to us how your business is going to make a positive impact in your community, such as provide new jobs, rehabilitate a blighted storefront, etc.
- This is the only loan product that does not require a full business plan
What can you use the loan to do?
These funds are only available to expand existing (at least 3 years) businesses. If your application is approved, we will work with you to provide your business with:
- Working Capital
- Funds to buy equipment and machinery
- Funds for Inventory
- Owner occupied real estate
- Other appropriate purposes
How much does it cost?
Based upon your credit history and the needs of your business, we will work with you to find affordable payments based upon:
- Prime plus 4%
- $100 annual contribution toward support services
Do you have to have collateral?
Not always. What you will need to do to secure your loan is:
- Personally sign as a guarantor
- Pledge any business assets
- Collateral may be required