Areas Served: Imperial, San Diego, Riverside, San Bernardino Counties
The CDC Small Business Finance Corporation partners with Borrego Springs Bank to package, underwrite and monitor these loans, which are typically for start-up businesses and/or businesses owned by women, minorities and veterans or located in low-to moderate-income areas of Imperial, San Diego, Riverside, San Bernardino Counties in California.
This is a streamlined program for borrowers with reasonable credit who need up to $50,000.
Eligibility – Start-up businesses allowed – Loan proceeds for business acquisition not allowed – Franchises must be on the SBA approved Franchise Registry www.
franchiseregistry.
com – Liquid assets of individual owner cannot exceed $100,000 does not include IRA and other qualifying retirement accounts – Tax return not required Terms and Conditions – Loan amounts $5,000 to $50,000
Term 7-10 years, fully amortized
Interest rate $5,000 to $25,000 – Prime + 4.75%; $26,000 to $50,000 – Prime + 3.75%
Other Loan Features – Quick turnaround time – Two part application process: (1)Credit screening (2)Quick underwriting process Express capital loans are permitted after acquisition has been fully completed – $425 processing fee deducted from the loan proceeds
SBA Guaranty fee of 2% of the guaranteed portion (85%) of the loan will be deducted from the loan proceeds
Loan payments automatically drafted from the business checking account at their established financial institution
No prepayment penalty 21-day payoff notification required
Technical Assistance Included borrowers receive pre-and post-loan closing management and technical assistance – Borrower must submit business plan and 24 months (by month) projections after approval, prior to funding – Utilizes Fair Isaac Credit Score System, which evaluates credit score of the applicant and industry data, including current and recent past due accounts.
Contact InformationCDC Small Business Finance Corporation
Address: 2448 Historic Decatur Rd #200
City: San Diego
State: California
Website:
http://cdcloans.com/
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