Business Lines of Credit
Up to $250,000
Businesses from time to time have the need for short-term financing and need some flexibility to achieve their business goals. A business line of credit can be the solution.
A business line of credit can give you extra financial flexibility and peace of mind.
- Lines continually revolve
- You pay interest only on the outstanding balance used
Receive funds for a short term for:
- Working capital
- Seasonal borrowing
- Inventory purchases and/or to perhaps to take advantage of special discounts from your suppliers
- Gap coverage due to slow collections of your accounts receivable
- Occasionally making payroll
- Paying time-sensitive bills
How do I know if I'm eligible to apply?
I am eligible. Where do I begin?
- Submit a Loan Inquiry Form.
- Print the Loan Application along with the applicable documents.
- Complete the Loan Application. Don't forget all of the needed supporting documents. See the checklist provided. Submit your completed application package to:
CEDF, Attention: Karen Tessman, Director of Lending, 965 East Main Street, Meriden, CT 06450
|Term Loan||Working capital (including start-ups), inventory, equipment, refinance current debt||$1,000 up to $50,000||Fixed||Up to 6 years||Monthly payment of principal and interest. Cannot revolve, no balloon or call provisions. No prepayment penalty.|
|$5,000 up to $250,000||Fixed||Up to 10 years|
|Commercial Real Estate Loan||Purchase of owner occupied commercial real estate property||Up to $500,000||Fixed||Up to 25 years||Monthly payment of principal and interest. Cannot revolve, no balloon or call provisions. No prepayment penalty.|
|Line of Credit||Seasonal or cyclical operating cash flow needs||$5,000 up to $250,000||Variable||Short-term financing; one year renewable||Monthly payment of interest only, only on the amount outstanding. The line revolves as you use it and repay it. No prepayment penalty.|