800 611 5170Click to Apply for a Loan Online

EMERGENCY RELIEF SMALL BUSINESS LOANS

NOTICE: CDC Small Business Finance is providing updated information as it becomes available.  Due to the nature of the emerging and rapidly evolving information from government and non-government relief programs, some requirements and offerings may change before they are listed here.  Please consult with your loan officer for the most current details.

You need business capital to manage the challenges of COVID-19.
You need the money quickly with the ability to pay it back over time.
You need to protect your small business, employees and family.
You need relief. WE ARE HERE TO HELP.


EMERGENCY RELIEF LOAN OPTIONS: 


Coming soon:
PAYCHECK PROTECTION PROGRAM LOAN 

CAN I GET THE LOAN THROUGH CDC SMALL BUSINESS FINANCE? YES! With the Stimulus plan approved, the SBA is moving forward to deploy the program.  As soon as their systems are in place you will be able to apply for a Paycheck Protection Program Loan here.

WHEN CAN I APPLY? Our application will be live as soon as the loan is available from the SBA.  Bookmark this page and check back frequently to find out when applications are being accepted.

CAN I GET A PAYCHECK PROTECTION LOAN AND AN EMERGENCY RELIEF LOAN? YES! You can apply and receive both loans if approved.

NEED MORE INFORMATION ABOUT THE PROGRAM? Download the U.S. Senate Committee on Small Business & Entrepreneurship’s Guide. Details about the PPP loan are on page 2.


Loans available now:

C-19 EMERGENCY RELIEF WORKING CAPITAL LOAN
– up to $150,000 – for businesses in California. Arizona, Nevada, Washington DC, Detroit, Mi and Houston, TX

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
  • Who can Apply:
    • Businesses in California, Arizona, Nevada, Washington DC, Detroit MI and Houston, TX
    • For-profit small businesses whose operations, revenue and staffing have been disrupted 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.
  • 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 (get a template in our resource center)
    • Three years of business and one year of personal tax returns
    • Current debt schedule (get a template in our resource center)
    • 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

    Who Can Apply:

    • Businesses in California
    • For-profit small businesses whose operations, revenue and staffing have been disrupted 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.
  • 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


ADDITIONAL CDC SMALL BUSINESS FINANCE LOAN OPTIONS:

Sign up for our blog

Get the latest small business news and updates from our team once a week.

Please check your email and confirm your subscription.

Pin It on Pinterest