Small Business Loans:

Serving existing small businesses with capital for expansion and dynamic growth.
Available in amounts from $50,000 to $100,000 with a term from 1 to 5 years.
Funds may be used for property, equipment, furniture, fixtures, inventory and working capital.

Small Business Loan Technical Assistance:

A loan checklist is provided for each Small Business Loan Applicant as Technical Assistance.
The checklist helps guide the loan applicant as to the documentation required for loan consideration.

Eligibility Requirements for Loan Applicants:

  • 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 score, or have a track record of rectifying past credit problems.
  • Applicant must personally guaranty the note.
  • Borrower must certify that they have NO outstanding Federal or State taxes nor outstanding child support payments (over 60 days).

Acceptable Loan Fund Uses:

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

Required Documentation:

Section 1.1 – Application Docs
__ $ 30 Application Fee (Cash or Check)
__ Completed Application (Download App from the desired Loan page on this Web site)
__ Borrower Certification – NO outstanding Federal or State Taxes AND NO outstanding Child Support Payments
__ Credit Report and Credit Score from 3rd Party provider
__ Personal Tax Returns – 2 prior years
__ Recent Pay Stub – 2 or more
__ Documentation: Judgments, Bankruptcies, etc.
__ Collateral List – Estimated Value of Each Item
__ Real Estate Appraisal – if using for Collateral (Appraisal date must be less than 24 months old)
__ Guarantor Info/Pledge with Estimated Values

Section 1.2 – New Business Docs
__ Business Plan
__ Market Assessment
__ Photographs/Drawings of Product or Services
__ Cash Flow Projections for 12 – 24 Months
__ List of Assumptions for Cash Flow Projections
__ Resumes of Business Owner(s)
__ Bids/Contracts/Quotes/Purchase Agreements
__ Insurance Quotes or Declarations
__ Articles of Incorporation/Proof of Incorporation
__ Operating Agreement (LLC) or By-Laws (Corp. C or S)
__ Conflict Resolution Plan: Between Owners, Partners, Investors, etc.

Section 1.3 – Existing Business Docs. (If applicable*)
__ *Business Tax Returns – 2 prior years
__ *Business Financials – Balance Sheet and Income Statement
__ *Business Leases and Contract Obligations
__ *Current Marketing Materials
__ *Certificate of Assumed Name (Sole Prop.)
__ *Copies of Licenses and/or Permits (ex. Food, Liquor, Brokerage, etc.)
__ *Current Business Assets

Fees:

  • Fees charged by a third party service provider (ex. Real estate closing costs).
  • Filing fees if necessary.

Interest Rates and Terms:

Interest rates are comparable to commercial lenders, contact CDR for more details.

 

To apply Click the Download Application button below:
download, print, complete application and return it to CDR’s office.

(You will need Adobe reader, which can be downloaded for free , to see and print out our loan application.)