– CEII is a U. S. Small Business Administration Micro Loan Intermediary, for North West Florida (22 counties) and 45 Counties in Alabama.  Click here for a list of available counties we serve.

PROJECT ELIGIBILITY
Any business located in the CEII’s service area needing no more than $50,000 may be eligible.

USE OF PROCEEDS
The funds you borrow can be used for working capital, purchase of inventory, supplies, furniture/fixtures, raw materials, and machinery/equipment for your business. The funds cannot be used to purchase real estate or refinance existing debt.

MAXIMUM AMOUNT
The SBA guidelines set the maximum loan amount at $50,000, and may be combined with a bank loan for total financing of $105,000.

INELIGIBILITY
Non-profit organizations (except day cares), financial business primarily engaged in the business of lending, passive businesses owned by developers and landlords, life insurance companies, pyramid sale distribution plans, businesses that derive more than one-third of its revenue from gaming, business engaged in any illegal activities, private clubs and business which limit the number of membership for reason other than capacity, government owned entities, business engaged in the teaching, instructing, counseling, or indoctrinating religion or religious belief, adult entertainment, and business which derive one hundred percent of it’s revenue from the sale and consumption of alcohol beverages.

SBA Microloan Technical Assistance:
CEII offers One-on-one, pre and post loan Technical Assistance to each SBA Microloan Applicant.  Subject areas of Technical Assistance may include; Starting a Business, Business Planning, Sources of Credit and Financing, Sales, Marketing and Advertising, and Business Accounting.  In addition information is provided on the requirements of operating a business in North Florida and Alabama.

Eligibility Requirements for Loan Applicants:

• Applicants must be at least 19 years of age.
• Applicants must be U.S. Citizens or have a permanent residence card (I-551) or have an arrival-departure card (I-94) with a departure date that exceeds the term of the loan.
• Completion of required loan documentation.
• Borrower must have reasonable credit, or have demonstrated a willingness to repay debt by rectifying past credit problems.
• Demonstrated ability to repay the loan.
• Sufficient collateral value that is equal to or greater than the requested loan amount.
• Applicant requesting the loan must be the business owner or senior partner and be willing to personally guaranty the note.
• Borrower must certify that they have NO outstanding Federal or State taxes, student loans, nor outstanding child support payments (over 60 days).

Acceptable Loan Fund Uses:

• Equipment
• Furniture & Fixtures
• Inventory
• Working Capital

Required Documentation:

Application Docs
__ No Application Fee
__ Completed Application – Business Plan Questionnaire also required.
__ Borrower Certification – (NO outstanding Federal or State Taxes, Student Loan, or outstanding Child Support Payments)
__ Personal Tax Returns – 3 prior years
__ Documentation: Judgments, Bankruptcies, etc.
__ Collateral List – Estimated Value of Each Item
__ Guarantor Info

 New Business Docs
__ Business Plan
__ Market Assessment
__ Photographs/Drawings of Product or Services
__ Cash Flow Projections for 12 Months
__ Resumes of Business Owner(s)

Existing Business Docs. (If applicable*)
__ *Business Tax Returns – 3 prior years
__ *Business Financials – Balance Sheet and Income Statement
__ *Current Marketing Materials
__ *Current Business Assets

Fees:

• 3% Origination fee.
• Plus any fees charged by a third party service provider for closing costs (ex. mtg, doc stamps, taxes, filing fees, title services and insurance).

Interest Rates and Terms:
The SBA Microloan interest rate is currently 8.50%.