CDC Small Business Finance is offering two emergency relief small business loans - Business Brokers | 1-800-Biz-Broker

WHO CAN APPLY FOR C-19 EMERGENCY RELIEF LOANS:

  • C-19 EMERGENCY RELIEF WORKING CAPITAL LOAN is available for businesses in California, Arizona, Nevada, Washington DC, Detroit, MI and Houston, TX
  • C-19 EMERGENCY RELIEF MICROLOAN is only for businesses in California
  • For-profit small businesses that have experienced disruptions in their operations, revenue and staffing due to COVID-19. 
  • Businesses impacted by COVID-19 that need money to cover payroll, rent or mortgage, utilities, insurance and more.
  • Typically businesses with under 250 employees.
  • Businesses temporarily closed due to COVID-19 related mandates are eligible.

CLICK TO APPLY ONLINE: C-19 Emergency Relief Working Capital Loan

  • Ways to apply:
    • Online
    • Work directly with your loan expert
    • Call 1.800.611.5170 to be connected to a loan expert
  • Easy to Apply — please provide the following:
    • A completed CDC Small Business Finance Disaster Loan application
    • December 31, 2019 financial statement
    • Last 3 months of business bank statements
    • Personal financial statements for anyone with 20% or more ownership
    • Three years of business and one year of personal tax returns
    • Current debt schedule
    • Signature on 4506T form
  • Timing:
    • Hear if you are approved in 48 hours
    • Expect funding in 4-7 business days (we appreciate your patience, depending on volume of requests, funding could be slightly faster or delayed)
    • If you own Commercial Real Estate and have equity, please talk to your loan officer about expected timing for funding as it may be longer.
  • Loan Details:
    • Interest only for 6 months
    • Loan amount:  $20,000 – $150,000 o prior year revenues, whichever is less 
    • Credit Score minimum of 680
    • Variable Rate: Prime + 2.75 to 6%, based on applicant’s combined business and personal credit 
    • Term: 10 years fully amortized helps keep your payments low
    • Minimal fees financed through the loan
    • Personal guarantee required
    • No prepayment penalty

C-19 EMERGENCY RELIEF MICROLOAN
– up to $50,000 – for businesses in California only

CLICK TO APPLY ONLINE: C-19 Emergency Relief MicroLoan

  • Ways to apply:
    • Online
    • Work directly with your loan expert
    • Call 1.800.611.5170 to be connected to a loan expert
  • Easy to Apply — please provide the following:
    • A completed CDC Small Business Finance Disaster Loan application
    • December 31, 2019 financial statement
    • Last 3 months of business bank statements
  • Timing:
    • Hear if you are approved in 48 hours
    • Funding in 4-7 business days (we appreciate your patience, depending on volume of requests, funding could be slightly delayed)
  • Loan Details:
    • No Payments for First 90 Days
    • Maximum loan Amount: $50K or equivalent of prior years revenue – whichever is less
    • Variable Rate: Prime + 1% 
    • Term: 5 year term with 10 year amortization helps keep your payments low
    • Use of proceeds for working capital to cover rent, utilities, payroll and insurance
    • Minimum credit score 680
    • Minimal fees financed through the loan
    • No liens or judgments 
    • Bankruptcy acceptable if discharged over 3 years ago
    • No prepayment penalty
    • Personal guarantee required
    • No collateral required 

Categories: coronavirus