Areas Served: Chesapeake City, Hampton City, Newport News City,
Lending – All loans require training and the assistance of CCDI’s Microenterprise Program Specialists.
– Term loans – range from $500 up to $35,000 can be secured – Contract loans range from $500 up to $15,000 can be considered based upon contract assignment – Participation loans – Multi-party lending between CCDI and another lending institution based on a 2-1, (bank CCDI ratio) allows financing up to $105,000 for those who qualify Loan Terms – can vary from 30 days up to 60 months.
However, most loans will probably be underwritten for a term of 12-36 months.
Most loans will be repaid in equal monthly installments.
However, other terms can be negotiated if unique circumstances require added flexibility.
Follow-Up Assistance – CCDI microborrowers receive quarterly on-site visitations and business counseling from Microenterprise Program Specialist for the duration of their loan.
Collateral – it is unlikely that this will typically be available.
However, if collateral is available and the proceeds of the loan are used to purchase tangible assets they will be used for collateral.
Personal Credit History – past credit problems will not automatically disqualify an applicant.
However, if the applicant has current credit problems, they will be addressed.
Loan Approval – CCDI’s Cottage Industry Advisory Board (loan committee) will review all loan requests.
A written application response will always be forwarded to the applicant after a decision by the Advisory Board has been made.
Service Area – Chesapeake City, Hampton City, Newport News City, Norfolk City, Portsmouth, Suffolk City, Virginia Beach City, Essex, Gloucester, King and Queen, King William, Mathews, Middlesex
Contact InformationCenter for Community Development
Address: 440 High Street
City: Portsmouth
State: Virginia
Leave a Reply