CDC Small Business Finance

Basic information

QM program

N/A

Loss payee

N/A

CPL or subordinate clause

N/A

Lock policies & fees

Lock policies

Lock extension

N/A

Relock

N/A

Lock & Shop

No

Lender's niche & overlays

Lender's niche

• Working capital loans for business acquisitions, tenant improvements, debt refinance, equipment purchase or any other general business use such as payroll, marketing, etc.

• Loan amounts between $30k - $350k, across 43 states in the U.S. (We do not lend in VT, LA, MN, NE, UT, SD & ND)

• We are an SBA Preferred Lender (PLP Lender), which means a faster closing time (on avg 35-45 days)

• Can fund startups (pre-revenue, new businesses or early stage entrepreneurs operating for less than 2 years), in addition to existing businesses

• 10% injection for new businesses and business acquisitions

• No collateral requirements (having no or limited collateral is not a disqualifier)

• Debt service coverage ratio of 1.15 (Most lenders are at a minimum of 1.25)

• Can utilize projection based underwriting (great for pre-revenue/new businesses or existing businesses that are looking to grow/expand) 

• We have a program for clients who no longer qualify for SBA because they are not U.S. Citizens, but are instead, Legal Permanent Residents (LPR)

• No prepayment penalties or early payoff fees 

• We are not a deposit gathering institution, so the client can retain their banking relationship without the hassle of having to move their accounts elsewhere

• We are not currently funding NAICS 722 (retail food & beverage businesses at this time)

Lender's overlays

Minimum FICO of 650

Lender turn time

Initial underwrite (days)

N/A

CTC conditions review (days)

N/A

Initial CD (days)

N/A

Reviews