Eligibility & Requirements
Since 1973, CIC has dealt exclusively with SBA loans – so staff members are experts at managing the loan process and streamlining it through a unique level of accuracy and efficiency. The quickest and easiest way to determine if a business and a project meet program eligibility requirements is to contact CIC. The financial team will determine if the SBA 504 Loan or a different program is the best financing solution. That said, following is a general outline of basic eligibility for the SBA 504 Loan Program.
ELIGIBLE COMPANIES AND INDIVIDUALS
Identification Procedures – Important Information
To help the government fight the funding of terrorism and money laundering activities, Federal law requires that CIC obtain, verify and document information that identifies each person who applies for a SBA 504 Loan.
A borrower needs to provide CIC with:
The personal credit history of the borrower is an important factor. A credit history should be checked before applying for any loan. Any mistakes should be corrected that may adversely affect a borrowers ability to obtain a loan. The service is available annually to individuals free of charge. Check Credit History.
CIC is an economic development lender contributing financial expertise and practical guidance to small business entrepreneurs in Connecticut and Rhode Island who have powerful ideas and need more power to grow them.