The U.S. Small Business Administration Community Advantage Loan program is designed for new and existing businesses that need loans under $250,000. The loan can be used to finance a startup company or expand an existing small business or buy real estate. The SBA guarantees 85 percent of loans up to $150,000 and 75 percent of loans greater than $150,000.
Launched in 2011, the Community Advantage program intends to expand access to capital in underserved communities by allowing mission-focused, community-based financial institutions - including a Certified Development Company - to offer this loan to small businesses. Greater access to credit can help spur firms to grow and hire, giving the economy a boost.
The SBA designates specific lenders throughout the United States to offer Community Advantage loans. The first six lenders selected for the program were: CDC Small Business Finance, California; Cen-Tex CDC, Texas; The Progress Fund in Greensburg, Pennsylvania; Eastern Maine Development Corporation, Maine; Idaho-Nevada Community Development Financial Institution, Idaho; Kentucky Highlands Investment Corporation, Kentucky. Thirty-four other lenders have since been approved.
Loan Size and Terms
- Maximum Loan Size: $250,000
- Terms: 7-10 years for working capital, inventory, business acquisitions, tenant improvements, and start-up expenses
- Terms: 25 years for real estate
- Interest Rate: up to Prime + 6%
- No pre-payment penalties
Small Business Advantage Video
Eligibility
There are specific eligibility criteria for the Community Advantage loan, which include credit history, cash flow and industry experience. A designated Community Advantage lender can help a small business owner determine if they can qualify by reviewing an eligibility form.
Are You Looking for Products
Here some products related to "Community Advantage Loan".
Windows Small Business Se..
Mac OS X Version 10.5.4 L..
The New Sustainability Ad..
Cisco WAP4410N Wireless-N..
Get these at Amazon.com* amzn.to is official short URL for Amazon.com, provided by Bitly
Source of the article : here
EmoticonEmoticon