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SBA Microloan Program
CDC Small Business Finance Corp offers
loans up to $35,000 to San Diego County based entrepreneurs under our SBA
Microloan Program. In order to be eligible for the program you must meet the
following guidelines:
For businesses that have been
established for at least one year
1) Positive cash flow.
2) Reasonable credit with acceptable explanation for any derogatory marks.
3) Collateral equal to loan amount or co-signer with reasonable credit and
income to repay loan.
4) Minimum two years experience in industry.
Start-up businesses will be considered
under the following conditions
1) Two years of experience in the industry.
2) Capital injection of 25% of project.
3) Reasonable credit.
4) Secondary source of repayment- either collateral equal to loan amount or
co-signer with reasonable credit and income to repay loan.
5) Historical earnings sufficient to cover personal living expenses.
6) Acceptable business plan with projections and assumptions upon which the
projections are based.
Terms and Conditions
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Maximum loan amount of $35,000.
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Terms range from 3-5 years.
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Interest rate: 7.5-9% (fixed).
Technical Assistance Requirement
As part of the SBA Microloan Program,
the SBA requires that the borrower receive some type of Technical Assistance
(TA) after the loan is funded. TA is any kind of business counseling received
or workshops attended by the business owner. CDC offers two types of TA. One is
one-on-one business counseling monthly for a six month period after the loan is
funded (total of six counseling sessions by one of CDC’s approved business
consultants). The other is to attend five SCORE workshops within a 12 month
period. SCORE is the Service Corp of Retired Executives who are retired
business people that volunteer their time to help existing entrepreneurs
through counseling and workshops. CDC will arrange for all required TA.
Program Administrator
Susan Lamping
Technical Assistance Coordinator
Phone: (619) 291-3594
Fax: (619) 291-6954
Email: slamping@cdcloans.com
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