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 this opens PDF titled “Packaged Loan Application”
You will need adobe reader, which can be downloaded for free , to see and print out our loan application.
