Areas Served: Statewide Nebraska
Business Loans: CDR’s Small Business Loan Program is designed to assist under-capitalized, start-up and existing small businesses in Nebraska.
Theses businesses, for many reasons, often cannot qualify for traditional bank financing and support.
We can provide loans in amounts as low as $1,000 and up to $100,000. – SBA Microenterprise loans: This loan serves start-up and micro-businesses and is funded by the SBA.
Loan amounts range from $1,000 up to $50,000; amortized with a term from 1 to 6 years.
Loans amounts up to $10,000 will have an interest rate of 8.5%; loan amounts over $10,000 will have a rate of 7.75%, and will be secured with appropriate collateral.
The Promissory Notes for these loans will be assigned to the SBA.
– Small Business loans, $50,000 to $100,000, amortized with a term from 1 to 5 years, with interest rates from 6% to 9%, and secured with appropriate collateral.
This loan serves existing and growing small businesses, from EQ2 funds.
– Community Development loans, $1,000 to $100,000, amortized with a term from 1 to 5 years, with interest rates from 6% to 9%, and secured with appropriate collateral.
Eligibility Requirements: 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 Fees: – $20 Application fee for all loans.
– 1% loan processing fee for small business loans.
– $100 SBA Microloan annual voluntary contribution.
– $200 loan closing fee.
– Real Estate closing – any fees charged by the title company.
– Any filing fees.
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.
The rate on SBA loans under $10,000 is 8.50%; for loans $10,000 and over is 7.75%.
All collateral pledged for loans made with SBA loan funds will become property of the SBA.
Contact InformationCommunity Development Resources
Address: 285 S. 68th Street Place Suite 520
City: Lincoln
State: Nebraska
Website:
http://www.cdr-nebraska.org/www/main.php?area=subheader3.html&page=03_financial.php
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