Areas Served: Imperial, San Diego, Riverside, San Bernardino Counties
The CDC Small Business Finance Corporation offers an SBA Micro Loan for California businesses in Imperial, San Diego, Riverside, San Bernardino Counties.
Launched in 2001, this program offers loans up to $35,000 and includes post-loan technical assistance.
Eligibility – For businesses that have been established for at least 1 year: – Positive cash flow – Reasonable credit with acceptable explanation for any derogatory marks – Collateral equal to loan amount or co-signer with reasonable credit and income to repay loan – Minimum two years experience in industry For start-up businesses: – Capital injection of 25% of project – Reasonable credit – Secondary source of repayment- either collateral equal to loan amount or co-signer with reasonable credit and income to repay loan – Historical earnings sufficient to cover personal living expenses – Acceptable business plan with projections and assumptions upon which the projections are based
Terms and Conditions – Maximum loan amount $35,000
Terms 3 to 5 years
Interest rate Prime + 3.5% (fixed)
Technical Assistance Requirement As part of the Micro Loan Program, the SBA requires that the borrower receive some type of Technical Assistance (TA) or business counseling after the loan is funded.
CDC offers six one-on-one business counseling sessions (one a month) by one of CDC’s approved business consultants to ensure that our borrowers have the skills they need to succeed in their business.
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/sba_micro_loan.shtml
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