- Term Loan or
- Line of Credit
What can you use the loan for?
- 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
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
- But depending upon your specific circumstances, you may need to provide some collateral
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 workshops and programs
At CEDF we offer…
- Payments tied to your cash flow
- No pre-payment penalties
- Repayment terms of up to 10 years
- And a FREE Business Development Advisor
How do I know if my business is eligible to apply for a loan?
Your business must be located in one of the eligible communities in Connecticut or your total combined household income must be less than $89,700.
I meet eligibility. I need an application.
- Print and Complete Download Application
- Provide a business plan and your last 3 years tax returns (business plan for businesses less than 3 years old)
- 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.