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Loan Application Fee: CDFC requires a loan application fee in the
amount of $500.00 for loan requests between $100,000 - $250,000. A loan application
fee of $1,000.00 is required on loan requests over $250,000.00. Please call for
further details.
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AARA Bond Guaranty Program:
Information for Applicants
- 90% guaranty up to $250,000
- For minority, women and small contractors (average Gross revenue for past 2 years under $5million).
- For bid, performance and payment bonds
- Collateral to help a contractor get bonded for the first time or to take the next step up in job size
- Assistance in funding a surety company, if needed
Applications are available from your surety company, agent or by calling CDFC.
Download/View our brochure (PDF)
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Lines of Credit:
Information for Applicants
Loans from $100,000 to $500,000
- Revolving Line of Credit.
- Purpose: Accounts receivable and inventory
- Interest Rate: Competitive market rates
- Financing Fee: 2% commitment fee plus 1% annual fee
- Maturity: 12 months, with renewal option
- Attorney and Transaction Costs: Paid by borrower in addition to financing fee.
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Term Loans:
Information for Applicants
- Purpose: equipment purchase and working capital
- Interest Rate: Competitive market rates
- Fees: 2% commitment fee
- Maturity: Up to 5 years based on the useful life of equipment, if applicable. Loan amortization is equal to loan term.
- Attorney and Transaction Costs: Paid by borrower in addition to financing fee.
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Contractor Bond Guarantee: Information for Applicants
- Annual Fee: 2% of Letter of Credit (LOC) amount
- Collateral for Guarantee: 90% from CDFC, 10% from contractor
- Attorney and Transaction Costs: Paid by borrower in addition to financing fee
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Equipment Loans with no payments for First Year:
Information for Applicants
Loans from $100,000 to $500,000
- Purpose: equipment purchase only
- Interest Rate: Prime plus 3%
- Fees: 2% commitment fee
- Maturity: Up to 5 years
- Attorney and Transaction Costs: Paid by borrower in addition to financing fee
Special Features:
- Minimum 20% cash into purchase from borrower or acceptable alternative collateral
- No payments first year of loan
- Principal, interest, and accrued interest all paid in years 2 through 5
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Real Estate Loans:
Information for Applicants
Loans from $100,000 to $500,000
- Purpose: Purchase owner-occupied, commercial real estate (at least 51% of space owner occupied)
- Interest Rate: Prime plus 3%
- Fees: 2% commitment fee
- Maturity: 5 years
- Amortization: Up to 10 years
- Attorney and Transaction Costs: Paid by borrower in addition to financing fee
Special Features:
- 10% cash into purchase from borrower
- 50%-80% from bank
- Remainder of financing from CDFC up to a maximum of the lower of 90% of purchase price or appraised value
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Information Needed From Applications:
- Statement of Sources and Uses of Funds
- Complete Business Plan
- Financial projections (with supporting information)
- Balance sheet, Income and Cash Flow statement
- Personal Financial Statement for each owner with a 20% or greater interest
- Accountant prepared financial statements and/or tax returns for the three most recent fiscal year-end
- Most recent interim Balance Sheet, and Profit and Loss statement
- Current aging of accounts receivable
- Current aging of accounts payable
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