SBA Microloans
CEDF is Connecticut's leading originator for eight years in a row
The program provides financing up to $50,000 to help small businesses start up or expand. The minimum amount is $1,000, however we generally do not encourage loans below $3,000. The maximum repayment term allowed by the SBA is six years.
How can I use the term loan proceeds?
- Working capital
- Inventory or supplies
- Furniture or fixtures
- Machinery or equipment
- Refinance debt (with some limitations)
How do I know I'm eligible to apply for a loan?
products under SBA’s
Microloan program.
Loan Eligibility Requirements ›
I am eligible. What do I do next?
- 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: Ricardo Vidal, Director of Lending, 965 East Main Street, Meriden, CT 06450
| Purpose | Amount | Rate | Term | Structure | |
|---|---|---|---|---|---|
| SBA Microloan | Working capital (including start-ups), inventory, equipment | $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. |
| Commercial Real Estate Loan | Purchase of owner occupied commercial real estate property | Up to $500,000 | Fixed | Up to 20 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. |