What do you get?
Standard Loans range from $50,000 up to $250,000. Your loan amount can be made available either 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
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
- Some limited funds for real estate purchase and/or improvements
- Other agreed upon 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:
- Fixed or variable interest rates
- 1% commitment fee
- $100 annual contribution toward support services
- Interest rate discounts you can get for completing CEDF Training Institute programs, and participating in other options
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
- Depending upon your specific circumstances, you may need to provide some collateral