Community Express SBA Loan

The Community Express SBA loan was designed by the SBA to make credit more accessible to businesses that do not qualify for conventional financing due to their length of time in operation or insufficient collateral. CDC Small Business Finance partners with local lending institutions to administer this loan program. Loans are available up to $250,000 to business located in low to moderate income areas and other emerging markets.

Eligibility Criteria
1) Historical cash flow for existing businesses.
2) Reasonable personal credit of principal borrowers.
3) Required to pledge collateral that is available. Insufficient collateral will not preclude borrower from obtaining financing.
4) Start up businesses (< 2 years):

• Management experience in industry (2 years minimum)
  
• Capital injection (30% of total project)
  
• Business Plan/ Projections/ Assumptions on which projections are based.

Terms and Conditions

• Maximum loan amount of $250,000.
  
• Terms range from 7-10 years (25 years for real estate).
  
• Interest rate: prime + (2.25 to 2.75, variable).

Technical Assistance Requirement
In order to give the bank a higher level of comfort in approving the loan, the applicant is required to receive some type of technical assistance post funding. The TA Action Plan is created by CDC based on the borrower’s needs. Post funding requirements range from quarterly financial reporting to six months of one-on-one counseling. There is no cost to the borrower for this service.

Program Administrator Susan Lamping Technical Assistance Coordinator Phone: (619) 291-3594 Fax: (619) 291-6954 Email: slamping@cdcloans.com

Loan Assistant Brandon Napoli Phone: (619) 291-3594 Fax: (619) 764-4757 Email: bnapoli@cdcloans.com

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