This program is designed specifically for business owners like you. It offers up to $1,000,000 in financing to help you make significant investments in your business. Additionally, you can receive an extra $150,000 for software or daily operating costs. This funding can be used for various purposes, including operating expenses, restorations, new equipment, and software.

What sets this program apart is that it is backed by the government, providing you with more flexible repayment options. You can choose how to pay it back, with terms extending up to 15 years. This makes it a more attractive option compared to traditional loans.

By being approved for this program, you can secure the financial support needed to grow and sustain your business. The application process is straightforward, making it easier for you to qualify and take advantage of these benefits.

Type of Financing: Loan

Repayment Terms and Interest Rates:

• Repayment Term: Up to 10 years.
• Interest Rates: Fixed interest rate of 3.5% per annum.

Eligible Expenses:

• Purchase of equipment.
• Leasehold improvements.
• Working capital.
• Intangible assets such as patents and trademarks.

Use of Funds:

• Funds cannot be used for personal expenses.
• Funds cannot be used to refinance existing debts.

Fees:

• Application Fee: $150.
• Processing Fee: 1% of the loan amount, which can be financed as part of the loan.

This program offers your business a chance to receive up to $1,000,000. You can use this money to buy equipment, improve your workspace, or cover other essential business costs.

You can use the funds for:

• Buying commercial kitchen appliances
• Purchasing manufacturing machinery
• Upgrading computers and IT infrastructure
• Renovating a retail space

For operational costs like software or working capital, you can get up to $150,000.

The federal government guarantees 85% of the loan, providing a strong safety net for your business.

Flexible repayment options are available. You can choose between a variable interest rate, a fixed rate, or a combination. You have up to 15 years to pay back the loan, regardless of how you use the funds.

1. Register on the CBDC Website: Start by creating an account on the Community Business Development Corporation (CBDC) website. This will allow you to access the necessary application forms and resources.

2. Prepare Business Documentation: Gather the required documents for your application. These typically include:

   • Business plan
   • Financial statements (last 2-3 years)
   • Tax returns
   • Proof of business ownership
   • Identification documents
   • Any other relevant business licenses or permits

3. Complete the Application Form: Fill out the application form available on the CBDC website. Ensure all information is accurate and complete.

4. Submit Supporting Documents: Upload the prepared business documentation along with your completed application form on the CBDC website.

5. Review and Confirm Submission: Double-check all entered information and uploaded documents for accuracy. Confirm the submission of your application.

6. Follow Up: After submission, monitor your email and the CBDC website for any updates or requests for additional information. Respond promptly to any inquiries from the CBDC.

7. Await Approval: The CBDC will review your application and documentation. This process may take some time, so be patient.

8. Receive Notification: Once your application is reviewed, you will receive a notification regarding the status of your application. If approved, follow the provided instructions to proceed with the next steps.

9. Engage with Potential Buyers: If your application is approved, your business will be listed on the CBDC website. Engage with potential buyers who express interest in your business.

10. Finalize the Sale: Work with interested buyers to finalize the sale of your business. Ensure all legal and financial aspects are handled properly.

By following these steps, you can efficiently apply for the program and connect with potential buyers for your business.