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LOAN
PROGRAM Clearwater
Economic Development Association (CEDA) Small Business Development financing
is available for projects and/or portions of projects that have potential
for positive economic impact on the region or local community, but do not
meet conventional lending guidelines. The two basic formats available
include "Gap Financing" and "Micro Loans". CEDA is also able to provide line
of credit financing for small manufacturers. Gap Financing loans are issued
in conjunction with, and simultaneously to, bank financing for the same
project. A typical project might include 10% owner investment, 60% bank
financing and 30% CEDA financing. CEDA often accepts a lien position on
collateral subordinate to that of the participating bank. Micro Loan
projects typically do not include a bank partner and are used for equipment
purchase, inventory and/or working capital.
Maximum loan amounts vary by program and are dependent upon the number of
jobs impacted and the amount of funding for the project from other sources.
CEDA staff will be able to provide clarification based on your specific
needs and current situation.
A preliminary evaluation of your application for credit can be completed
with a completed loan application, financial statements for each owner,
financial statements and profit/loss statement for existing businesses,
along with a brief (one-page or less) description of the proposed project
and use of funds. A full application must include the documents listed on
the "Information Requirements" list provided with CEDA's loan application
packet.
CEDA's Loan Review Committee meets once each month to consider applications
for credit. Complete proposals must be received no less than one week prior
to the meeting at which the proposal will be considered. Contact CEDA loan
staff for exact meeting deadlines.
The following investors provided the funding for
CEDA's Small Business Development Loan Programs.
Federal Investors
USDA Rural Business Cooperative Services
Intermediary Relending Program
Rural Business Enterprise Grant Program.
US Dept of Commerce Economic Development Administration
Economic Development Adjustment Strategy Program
Local Investors
Zions Bank
FirstBank Northwest
American West Bank
Banner Bank
US Bank
Valley Vision
Latah Economic Development Council
The Clearwater Economic Development Assoc. Membership
Other Contributors
Sterling Savings Bank
The Federal Equal Opportunity Act prohibits
creditors from discriminating against credit applicants on the basis of
race, color, religion, national origin, gender, marital status, age
(provided the applicant has the capacity to enter into a binding contract);
because all or part of the applicant's income derives from any public
assistance program; or because the applicant has in good faith exercised any
right under the Consumer Credit Protection Act.
The Federal Agency that administers compliance with this law is the
Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.
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FORMS TO DOWNLOAD - (PDF)
Business Loan
Application
Information
Requirements
Loan Application
Personal Financial Statement
Schedule of
Business Debt
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