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CIC Loans

"I loved the financial part, it really gave me a handle on my business. Gave me direction and focus."

- Elizabeth James

Interested in Applying for Financing?

Learn more about how to apply

CIC offers two microloan products:

1. CIC Loans: Microloans of up to $35,000 to both graduates of our Entrepreneur Training Workshop and to existing businesses.

2. KivaZip Loans: CIC is a trustee of Kiva Zip and endorses entrepreneurs to crowd-fund their loans on their web site. Loans are two year terms and interest free. Entrepreneurs may borrow up to $5,000 in the first stage and up to $10,000 in the second stage.

 

Eligible Borrowers:

Businesses must meet at least one of the following criteria to be eligible to apply for CIC microloans

  • Have graduated from CIC’s Entrepreneur Training Workshop
  • The business has been operating for 6 months and is able to provide financial statements and a business plan

 

Terms:

Terms range from 1 to 5 years based on the history of the business and size and purpose of the loan.

Payments must be made through automated clearing house (ACH).

 

Interest Rates and Fees:

Our starting interest rate is currently 9.75% (beginning in April, 2015). Discounts to the starting rate are available based on the following:

  • Being a graduate of our Entrepreneur Workshop (2 percentage points)
  • Having a co-signer on the loan (1 percentage point)

A CIC Entrepreneurship Workshop Graduate with a co-signer on the loan is eligible to borrow at 6.75%.

 

Learn more about How to Apply