Columbia Economic Development Corporation (CEDC) established a $200,000 microloan program to support businesses in need of a small capital infusion.
1. Compile the required documents:
- Personal Financial Statement (SBA Form 413)
- Statement of Personal History (SBA Form 912)
- Certificate Regarding Eligibility (SBA Form 1624)
- Copy of 2021 business bank statement
- Proof of flood insurance (if business is located in a Flood Zone)
- Most Recent Business and Personal Tax Return (Federal return only)
2. Submit the completed application via the online form below
- Please fill in any questions that may not apply with N/A
Contact email@example.com with questions or for more information.
General Information & Frequently Asked Questions
1. What is the Columbia Economic Development Corporation Fast Forward Loan?
- Loans up to $20,000
- 3.60% Interest Rate
- 5-year term: $365/monthly payment on a $20,000 loan
- Must be in business for at least 2 years
- 25 or fewer full-time employees
- Minimum credit score of 625
- Personal guaranty of the business owner(s)
2. How Will Loan Requests be Reviewed?
CEDC will review requests as applications are received. Loan closing documents must be executed with the borrower prior to disbursement of an approved loan.
3. What is the Cost of Applying for the Program?
There is no cost to apply
4. What are the Closing Costs?
Closing costs are equal to 1% of the loan amount: $200 on a $20,000 loan
For SBA Microloans closed between February 1, 2021 and September 30, 2021 up to three months of principal and interest payments will be paid by the SBA; thereafter, all payments of principal and interest shall be made by the borrower.