Areas Served: Nassau and Suffolk Counties
Loans are available for established small businesses in Suffolk and Nassau Counties in New York with modest credit needs that are unable to obtain bank financing.
Retailers, wholesalers, manufacturers and distributors can obtain loans of up to $50,000 for working capital, expansion, purchase inventory, equipment financing or for just about any legitimate business purpose.
The loans can have repayment terms of up to five years with a fixed rate of interest and no pre-payment penalty.
Eligibility – For profit businesses located in Nassau and Suffolk Counties – Must meet SBA standards defining the size of a small business (most small businesses qualify).
– Small businesses which may not meet regular bank lending criteria, but which have a track record in business and of paying their bills on time and which have reasonable prospects of being able to repay a loan.
Loan Amount – Minimum of $1,000 with a maximum of $50,000. Interest Rate/Fees – Fixed rate of Interest – $100.00 Administrative Fee – No Application Fee – Repayment Term Repayment in equal monthly installments of principal and interest over 12 months to 60 months with no pre-payment penalty.
Collateral First lien on assets purchased with the proceeds of the loan and/or the assets of the business, which are free and clear.
Personal guarantee(s) of the owner(s) of the business.
Use of Funds – Working Capital – Expansion – Purchase Inventory – Equipment Financing
Contact Information
Community Development Corporation of Long Island
Address: 2100 Middle Country Road
City: Centereach
State: New York
Website:
http://www.cdcli.org/
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