YES.  While a poor credit history in and of itself eliminate a project or borrower from consolidation, the risk associated with this weakness must be mitigated by other factors such as additional collateral and/or third-party repayment guarantees.

 

Funding of  approved loan packages normally takes place 30 to 60 days following CEDA’s receipt of a complete financial proposal.

The CEDA Loan Review Committee reviews and makes lending decisions once per month.  Loan closing normally takes place two to four weeks following approval (depending upon the type and complexity of the package).

From our Economic Development Specialist or our Program Administrator.

Frequently Asked Questions

At the moment the rates are:

             EDA & IRP– WSJ Prime plus 1%

             RBEG –WSJ Prime plus 2%

What interest rate do we charge?

Where do I get the grants to fund my business?

How long will it take to get the money?

Is my poor credit history going to impact my ability to get the loan?

The loan term is based on the use of the funds and/or the estimated useful life of the assets securing the loan but will not exceed the following:

Maximum Terms

     20 years real property

     10 years equipment

     5 years Inventory & Working Capital

What terms are available?