Financing

Community Futures is a developmental lender providing entrepreneurs with small business loans when traditional financial institutions are unable to help.  Loans are available for new business start-ups, and existing or expanding businesses.

A Lending Committee comprised of community volunteers provides added expertise to the loan review process. The majority of the members have successful business management or entrepreneurial experience and sufficient familiarity with local conditions and needs that enables them to make informed and effective lending decisions.

We generally provide loans up to $125,000 but have the flexibility to lend as much as $500,000 in some special cases.  Our interest rate is 3% over prime, with a minimum rate of 8%.  We charge a modest processing fee of 1% of the approved loan amount and loan terms can be matched to meet your business needs.

When considering loan applications, businesses must offer benefits in at least one of the following areas:

  • Human Benefits
  • Community Benefits
  • Economic Benefits
  • Employment Benefits

The information we need to make a decision includes:

  • Community Futures Application for Financing
  • Your Business Plan
  • Cash-flow forecast for the next 12 months (giving details by month)
  • Financial Statements for the previous 3 years (only for existing businesses)
  • Resume for each principal/owner of the company

All information provided to Community Futures Development Corporation is completely confidential.

Note: Lending money takes time, and often depends on the applicant's state of readiness in preparing and presenting a viable business plan and financial information. The loan review process; preparation of loan agreements and other legal documentation; security registration; as well as time for representatives of your firm to sign the documents are all considerations.  We suggest you plan on 3-5 weeks from providing the information above to receiving the money (assuming the loan is approved, of course.)

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