Women and Minority Loan Guarantee Program
CEDF can access a special loan guarantee in conjunction with the Department of Economic and Community Development (DECD) to help women- and minority-owned businesses obtain flexible financing. A guarantee is not a type of loan but a way for CEDF to obtain more security which can help eligible borrowers who might not otherwise qualify for financing. This program is for start-up businesses as well as existing businesses planning to expand. CEDF provides the loan and the Department of Economic and Community Development provides up to a 30% guarantee. This guarantee is particularly helpful to start-up businesses that lack sufficient collateral or have lower credit scores.
Other requirements for eligibility:
- Women- or minority-owned business
- 50 or fewer employees
- Loan amount up to $50,000