SBA MICRO LOAN PROGRAM

Micro loans may not exceed $35,000 in size and business borrowers must be located in either Northwest Florida (22 counties) or Southern Alabama (30 counties). SBA micro loans of $35,000 may be partnered with GAP Loan Program loans of up to $70,000 to provide a maximum combined loan of up to $105,000. CEII's approach has been to maximize the side of loans provided to micro businesses so as to assist in their growth potential and their ability to create as many new jobs as possible.

This economic development and job creation approach has led to our successful lending out of just over $4.5 million. To date, 271 micro loans totaling $4,675,600 have been made; 748 jobs have been created/maintained; the average loan size is $17,400; and the cumulative loss rate for this program is 6.90% of total dollars loaned since inception. With the closing of our last two loans with the SBA ($750,000 each for Northwest Florida and Southern Alabama), we have assured the availability of loan capital for the next two to three years.

Twenty Two Eligible Northwest Florida Counties

Bay, Calhoun, Diixie, Escambia, Franklin, Gadsden, Gulf, Hamilton, Holmes, Jackson, Jefferson, Lafayette, Leon, Liberty, Madison, Okaloose, Santa Rosa, Suwanee, Taylor, Wakulla, Walton and Washington Counties.

Thirty Eligible South Alabama Counties

Autauga, Baldwin, Barbour, Bullock, Butler, Choctaw, Clarke, Coffee, Conecuh, Covington, Crenshaw, Dale, Dallas, Escambia, Geneva, Greene, Henry, Houston, Les, Lowndes, Marengo, Mobile, Monroe, Montgomery, Perry, Pike, Russell Sumter, Washinton, and Wilcox Counties.