Areas Served: Suffolk and Nassau Counties New York
Eligibility – For for-profit businesses located in Nassau and Suffolk Counties.
– Must meet underwriting standards and business criteria as set forth by funding sources 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 $100,000. Interest Rate/Fees – Rate of interest between 7% and 10% fixed for term of loan – Commitment fee of 1% of the loan amount – Documentation Fee of $50.00 Repayment Term Repayment in equal monthly installments of principal and interest over 12 months to 72 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.
– Personal guarantee(s) of the owner(s) of the business.
Use of Funds – Working Capital – Expansion – Purchase Inventory – Equipment Financing
Contact InformationCommunity Development Corporation of Long Island
Address: 2100 Middle Country Road
City: Centereach
State: New York
Website:
http://www.cdcli.org/
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