BUSINESS DEVELOPMENT

ELIGIBILITY

 

Lending Area - The Business activity must be located within CEDA’s service area which includes: Clearwater, Idaho, Latah, Lewis and Nez Perce Counties in Idaho AND Asotin, Columbia, Garfield and Whitman Counties in Washington.  Additional restrictions may apply to specific areas within the nine county area.

 

Eligible Uses of Funds - Land, existing buildings, new construction, equipment and/or inventory involved in the start-up, expansion or retention of viable business development projects.  

 

Ineligible Uses include speculative real property, agriculture production, livestock, gambling facilities, intangible assets, refinancing existing loans (some exceptions) and rental housing (including mobile home parks).  Projects that result in the relocation of jobs from one commuting area to another to the detriment of local workers are also ineligible.  

 

Collateral sufficient to reasonably assure the repayment of the loan is required. 

 

Borrowers should have:

· experience and training in the industry in which they plan to operate.

· reasonable credit histories.

· organized and complete financial records and financial projections.

· a written proposal and supporting documents that demonstrate a reasonable expectation that the project will result in cash flows and profits that are sufficient to service all debt and provide an adequate income for the owners.

· an appropriate team of qualified staff and/or advisors (financial, marketing, production, etc.).  

 

Other - Applicant’s must satisfactorily demonstrate that the financing provided by CEDA is not available through conventional sources at rates and terms that reasonably assure the project’s success.  Priority consideration is given to projects that diversify regional employment opportunities and/or compliment existing community plans and facilities in rural economically distressed communities. 

 

 

 

The Federal Equal Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, gender, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
 
The Federal Agency that administers compliance with this law is the
Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.

Structures, Terms and

Rates of Programs

Business Plan Assistance

Clearwater Economic Development Association, Inc. is an equal opportunity provider and an equal opportunity employer.

Frequently Asked Questions