Term Loans

How are term loans through CEDF different from traditional bank loans?

• Flexible credit score requirements
• Flexible collateral requirements
• No prepayment penalties

How can I use the term loan proceeds?

• Working capital for inventory, rent, utilities, payroll and more
• Current debt
• Purchase of equipment and/or machinery
• Building/ leasehold improvements
• Other approved business needs

How do I know I'm eligible to apply for a loan?

 Loan Eligibility Requirements ›

I am eligible. What do I do next?

Request Contact from a Loan Officer

• 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

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	Purpose	Amount	Rate	Term	Structure
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 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.