Business Loans
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
- If request is greater than $50,000- denial documentation from
a bank.
- Any other documentation that may be required.
Fees:
- $20 Application fee
- 1% loan processing fee
or
$100 SBA Microloan
annual administrative fee
- $200 loan closing fee
- Real Estate closing –any fees charged by
the title company.
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.
To apply for a loan simply open the application form, print it out, and return it to our office.
OPEN APPLICATION FORM
You will need adobe reader, which can be downloaded
for free , to see and print out our loan application.
