Typically used to establish a new business or assist in acquiring, operating or expanding an existing business.  The program is offered by most banks in Southern California.  CDC Small Business Finance assembles 7a loan packages and shops the loan to find a lender willing to fund the project. Because we work closely with many financial institutions, we can efficiently pinpoint a lender most likely to fund a particular loan, which saves the borrower significant time.

Eligibility

For existing businesses:

• Historical cash flow sufficient to service requested debt or cash flow ability based on reasonable projections.
• Reasonable personal credit of principal borrowers.
• Secondary source of repayment- either collateral equal to loan amount or co-signer with reasonable credit and income to repay loan
• Historical earnings sufficient to cover personal living expenses

For start-up businesses (established for less than 2 years):

• Management experience in industry (2 years minimum)
• Capital injection (30% of total project)
• Acceptable business plan, projections and assumptions upon which projections are based.
• Maximum loan amount – $5,000,000
• Terms – 7 to 10 years
• Interest rate – prime + 2.25% to 2.75% (variable)

For more information, contact:

Susan Lamping                                                                                 Stacey Sanchez
Sr. Community Loan Officer                                                             Sr. Community Loan Officer
(619) 243-8639                                                                                 (714) 918-0886
slamping@cdcloans.com                                                                 ssanchez@cdcloans.com