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