CIC Loan Products

CONTRACT-BASED

ACCELERATOR

START UP / GROWTH

I need this loan if…

I have a signed contract and I need the upfront capital to fulfill the contract requirements

OR

I need capital to secure a specific contract

I have an income generating business that has been operating for at least six(6) months

AND

I need quick access to capital to accelerate growth

I need to make a big investment for my business to make my operations more efficient

OR

I need capital to start/expand my business

I can use the loan funds for…

Expenses specific to your contract, equipment, materials, employee wages, etc.

Expenses specific to equipment, inventory, building improvements, short-term working capital

Expenses specific to equipment, building improvements, short-term working capital

I can be approved for this loan if…

I can demonstrate my ability to repay the loan within 3-6 months

I can demonstrate that I haven’t had any overdrafts in my business bank account for the past three (3) months

I can demonstrate that I have not had any new delinquencies on my credit report in the past six (6) months

I can demonstrate that, for at least the past six (6) months, my business bank account has kept a balance of at least twice my projected payment amount

I can demonstrate that I have maintained a long-term, professional relationship with an entrepreneur support organization such as SBDC, SCORE, CIC, etc.

I can demonstrate that my business has consistent cash flow

I can demonstrate that my business can afford the projected monthly payment

If my business is a start-up, I can demonstrate proof of concept, market demand, and/or the viability of my business idea

I can expect loan terms such as…

I can borrow capital for the value of my contract at a maximum of $15k

9.75% interest rate (7.75% if you are a long-term SBDC client, 6.75% if you are a CIC graduate)

Repayment within 3-6 months

I can borrow 2.5 months worth of my current annual revenue up to $10k

9.75% interest rate (7.75% if you are a long-term SBDC client, 6.75% if you are a CIC graduate)

Repayment within 1-5 yrs

I can borrow up to $50k and use the capital to build, maintain or expand

9.75% interest rate (7.75% if you are a long-term SBDC client, 6.75% if you are a CIC graduate)

Repayment within 2-5 yrs

A Complete Loan Application Will Include:

• Signed and complete Microloan Application
• Copy of Business Plan with Cash Flow Projections, Balance Sheet and Income Statement. The business plan should outline the intended use of funds.
• Personal and Business Bank Statements for the most recent 3 months
• Personal and Business Tax Returns for most recent 2 years
• EIN Certificate

What to Expect during the Review Process:

Once your application is submitted, a loan officer (CIC Staff) will review it and meet with you get questions answered. A loan review committee will review the proposal and make the final decision on the loan. Assuming a complete loan application is received and all questions are answered in a timely manner, a decision on the loan will be made in 4-6 weeks.

CIC staff is available to assist throughout the process. Please contact us if you have questions or need additional information.