What do you get?
SBA Microloans go up to $50,000. Plus! You can combine an SBA Microloan with other CEDF loans up to $150,000.
If you have a for-profit business and 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 6 years
- A Business Development Advisor who will be assigned to offer you help and ideas about how best to operate your business
How do you apply?
If your business is located in one of the eligible communities or your household income is less than $85,700, there are only a few simple steps to take:
- Complete an application form
- Provide a business plan and your last 3 years tax returns
- 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.
What can you use the loan to do?
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
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:
- Fixed interest rates
- $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
This program is partially funded by the U.S. Small Business Administration. SBA’s funding is not an endorsement of any products, opinions or services. All SBA funded programs are extended to the public on a nondiscriminatory basis