Loans
LOAN OPTIONS
Small loans can fund big dreams - CEDC is committed to being a part of that. Our funding can range from $5,000 to $250,000. We offer flexible financing plans and even small-sized lines of credit. These are designed for business owners who are unable to secure capital from traditional lending institutions due to poor or little credit history, income requirements, or atypical lending requests. For those who are “bankable,” we can help with document preparation and gap financing with a bank for larger purchases, such as real estate.
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The Revolving Loan Funds (RLF) are intended for permanent working capital, fixed asset and gap financing needs for start-up and existing businesses located in Coös County and bordering areas.
CEDC maintains various RLFs, including our EDA Fund that can be used in the region as well as in Carroll and Grafton County, USDA RMAP for microloans of $50K or less, and Borders Revolving Loan Fund (BRLF) specifically for business loans in CEDC’s northernmost communities.
To be eligible for financing, the business must be able to meet the SBA definition of a “small business”, demonstrate the capacity to repay the debt, and show a creation or retention of jobs.
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We have created a new loan product within the RLF specifically designed to assist new and existing businesses with small equipment acquisition or refinancing to avoid the need to do business with leasing companies that have high-interest payments. Limit $20,000.