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Community Development Resources: Business Loans

September 12, 2015

Category: Business Resources, Resource Providers


CDR's Small Business Loan Program is designed to assist under-capitalized, start-up and existing small businesses. These businesses, for many reasons, often cannot qualify for traditional bank financing and support. We can provide loans in amounts as low as $1,000 and up to $100,000.

  • SBA Microenterprise loans: This loan serves start-up and micro-businesses and is funded by the SBA. Loan amounts range from $1,000 up to $50,000; amortized with a term from 1 to 6 years. Loans amounts up to $10,000 will have an interest rate of 8.5%; loan amounts over $10,000 will have a rate of 7.75%, and will be secured with appropriate collateral. The Promissory Notes for these loans will be assigned to the SBA.
  • Small Business loans, $50,000 to $100,000, amortized with a term from 1 to 5 years, with interest rates from 6% to 9%, and secured with appropriate collateral. This loan serves existing and growing small businesses, from EQ2 funds.
  • Community Development loans, $1,000 to $100,000, amortized with a term from 1 to 5 years, with interest rates from 6% to 9%, and secured with appropriate collateral.

Eligibility Requirements:
All loan applicants must meet the following criteria:

  • Applicants must be at least 19 years of age.
  • Applicants must be U.S. Citizens or have a permanent residence card (I-551) or have an arrival-departure card (I-94) with a departure date that exceeds the term of the loan.
  • Completion of required loan documentation.
  • Borrower must have reasonable credit, or have demonstrated a willingness to repay debt by rectifying past credit problems.
  • Applicant requesting the loan must be the business owner or senior partner and be willing to personally guaranty the note.

Business Loan Fund Use:
Businesses can use CDR’s loan capital for the following items, but is not limited to:

  • Real Estate
  • Equipment
  • Furniture & Fixtures
  • Inventory
  • Working Capital

Required Documentation:

  • Business Loan Application
  • Personal Financial Statement
  • $20 Application Fee
  • History of the business
  • Resume or Management Summary of all principals
  • Copy of Photo I.D. & Social Security cards
  • Personal tax returns for the last 2 years
  • Business tax returns or financials (balance sheet and income statement) for the last 3 years
  • If not a U. S. Citizen- a copy of I-551 or I-94 card required
  • SBA Micro loans greater than $20,000 require documentation of a denial from another lender.
  • Any other documentation that may be required.


  • $20 Application fee for all loans.
  • 1% loan processing fee for small business loans.
  • $100 SBA Microloan annual voluntary contribution.
  • $200 loan closing fee.
  • Real Estate closing - any fees charged by the title company.
  • Any filing fees.

Interest Rates and Terms:
Rates and terms are based on project, collateral and amount. Interest rates are comparable to commercial lenders, while terms may be more flexible.

The rate on SBA loans under $10,000 is 8.50%; for loans $10,000 and over is 7.75%. All collateral pledged for loans made with SBA loan funds will become property of the SBA.

To apply for a loan simply download and open the application form, print it out, and return it to our office.

For more information click here »