CEII Small Business and Micro Loan Programs

CEII offers loans to start-up and expanding business enterprises ranging from $2,500 to $150,000.  All loans are currently offered at an interest rate of nine percent (9%).  Loans made to businesses located within Escambia County's designated redevelopment area (call for details) are made at eight percent (8%).  These interest rates are non-negotiable.  Terms can be for as long as ten (10) years, but are usually around five (5) years,  depending upon the size and purpose of the loan.  A two percent (2%) loan closing fee is charged on all loans with the exception of SBA micro loans on which no loan closing fee is charged.  CEII staff and/or legal counsel prepare all loan closing documents and handle the actual closing itself.  Loan servicing is handled in-house by CEII staff and all loan payments are made directly to CEII via an ACH (automated clearing house) payment process.  Businesses applying for loans MUST already be located, or are planned to be located, in either our Northwest Florida or Southern Alabama target area.   CEII does not offer grants or equity investments - ONLY business loans are available.

Loan applications are available on line, or by calling our office.  Applicants MUST provide all requested information.  CEII staff underwrite each completed loan application and examine applicants' credit history and available collateral.  A relatively clean credit history and adequate loan collateral are required for all loans.  All loans above $7,500 are reviewed for approval by the CEII Loan Committee and by the board of directors.

As of March 31, 2006 CEII completed 23 years of small and micro business lending with a cumulative total of 476 loans and a combined loan amount of well over 13 Million Dollars.  CEII's cumulative job creation figure is now 1,639 jobs.  CEII's extensive track record in small and micro business lending led to its designation by the US Treasury Department as a Community Development Financial Institution (CDFI) and the award of a $50,000 technical assistance grant.  CEII's designation as a CDFI creates eligibility for a variety of bank funding resources under the CDFI's Bank Enterprise Award program.  CEII presently operates four different small and micro business loan programs.

 

To Download an application package click here . (This will open the application in a seperate window,)Soon you will be able to fill out the application online, but for now, you will need to print out the application and either fax it to us or mail it to us. Contact a loan officer for more information.