Areas Served: San Diego County
Funded by a multi-bank micro-loan consortium in San Diego, loans are designed for for-profit and non-profit businesses that do not qualify for SBA or conventional financing.
Loans are available to businesses located in low- to moderate-income areas or that employ low- to moderate-income workers in San Diego County, California.
Eligibility – Business must be located in a Low Mod Income (LMI) area.
– Management experience in industry (2 years minimum) – Capital injection (30% of total project) – Reasonable personal credit – Secondary source of repayment- either collateral equal to loan amount or co-signer with reasonable credit and income to repay loan – Acceptable business plan, projections and assumptions upon which projections are based.
– Historical cash flow sufficient to service requested debt or cash flow ability based on reasonable projections.
– Historical earnings sufficient to cover personal living expenses
Terms and Conditions – Maximum loan amount $200,000 – Terms amortized over 10 years; due in five – Interest rate starting at Prime + 3% (fixed)
Contact InformationCDC Small Business Finance Corporation
Address: 2448 Historic Decatur Rd #200
City: San Diego
State: California
Website:
http://www.cdcloans.com/loan_programs/loans_up_to_250000/bankers_cdc_loan.shtml
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