ABOUT THE CEDC RAPID RECOVERY LOAN PROGRAM
 
Columbia Economic Development Corporation (CEDC) has established a $300,000 CEDC and SBA Microloan Program to support small businesses impacted by the coronavirus pandemic.

GENERAL INFORMATION AND FREQUENTLY ASKED QUESTIONS:

1.) What is the Columbia Economic Development Corporation Rapid Recovery Loan?
  • Loans up to $15,000
  • 3.75% Interest Rate
  • 5-year term: $275/monthly payment
  • 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. Agreements 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: $150.00 on a $15,000 loan
  • 6 month interest and principal deferral from date of closing

APPLICATION INSTRUCTIONS:

1. Complete the application and submit via the online form

2. Compile the required documents:
  • Copy of 2020 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)

3. Submit the completed application via the online form starting on the next page

Contact loans@columbiaedc.com with questions or for more information. Click here for a PDF preview of the application for reference, however all applications must be submitted via the online form.

** Please note that you will not receive an automatic confirmation email when you submit your application. If you do not receive an email confirmation within 24-hours, please email loans@columbiaedc.com**






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