How to Apply
Steps to Applying for Micro-Loans
1. Seek financing through a local financial institution
CIC Microloans are an alternative source of lending. We encourage all entrepreneurs to seek financing from their bank. A relationship with a local bank has many advantages for your business. If you need assistance with this, please contact us.
2. Contact us for a consultation
If the bank is not an option for you at this time, please contact us to schedule a consultation.
- Businesses not yet operating will be referred to our entrepreneurship workshop. This 16-week program will help you develop your business model and plan, and will build many relationships that will be critical to the success of your business.
- Existing businesses who have 6 months of financial history and a business plan may apply for financing without graduating from our workshop. We encourage all existing businesses to complete the workshop as it will help you test your current model and develop a plan for growth. Also, graduates of our workshop are eligible for discounted interest rates on our loan.
3. Complete a loan application
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 most recent 3 months
- Personal and Business Tax Returns for most recent 2 years
Need help? CIC staff is here to help you with your application.
4. Complete 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 formal recommendation to CIC’s Board of Directors 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.
- Kiva Zip Loans: Kiva Zip Loan endorsements are made in the same time period and then the borrower begins the crowd-funding process on the Kiva Zip platform. CIC will work with entrepreneurs to plan their crowd-funding campaign during the review process.
5. Loan approval and closing
If your loan is approved, you’ll receive a commitment letter with any conditions attached to the loan. Once you met those conditions, a closing will be scheduled where you’re sign loan documents and receive funds.
CIC staff is available for assistance throughout the process. Please contact us to get started.