Microloans

Access the capital you need to jump start your business.

CIC Offers Two Types of Loans

CIC Loans: Microloans of up to $35,000 to both graduates of our Entrepreneur Training Workshop and to existing businesses.

KivaZip Loans: CIC is a trustee of Kiva Zip and endorses entrepreneurs to crowd-fund their loans on their web site. Loans are two year terms and interest free. Entrepreneurs may borrow up to $5,000 in the first stage and up to $10,000 in the second stage.

Eligible Borrowers

Businesses must meet at least one of the following criteria to be eligible to apply for CIC microloans:

  • Have graduated from CIC’s Entrepreneur Training Workshop
  • The business has been operating for 6 months and is able to provide financial statements and a business plan

Terms

Terms range from 1 to 5 years based on the history of the business and size and purpose of the loan. Payments must be made through automated clearing house (ACH).

Interest Rates and Fees

Our starting interest rate is currently 9.75% (beginning in April, 2015). Discounts to the starting rate are available based on the following:

  • Being a graduate of our Entrepreneur Workshop (2 percentage points)
  • Having a co-signer on the loan (1 percentage point)

A CIC Entrepreneurship Workshop Graduate with a co-signer on the loan is eligible to borrow at 6.75%.

Together we are strengthening our community.