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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.
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
- Furniture & Fixtures
- Working Capital
- 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.
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