SBA Rates 5.839% 10yr 6.075% 20yr 6.007% 25yr | SBA Refi Rates 5.875% 10yr 6.105% 20yr 6.036% 25yr | Prime Rate 7.00%
Other Loan Programs
The CDC facilitates three (3) loan programs to small new and existing businesses located in the Northeast Indiana market. Our primary mission is the promotion of job creation and betterment of the communities in which we operate. Please note that the CDC does not administer any grant programs. Please visit www.grants.gov to determine your eligibility.
All loan programs have the following criteria:
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Business must have applied for financing through a bank prior to making an application with the CDC
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Personal guarantees will be required of all persons owning 20% or more of each business entity
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Loan proceeds must be used for business purposes only
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Loan proceeds may not be used to refinance existing debt
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A business plan will be required if the business is less than two (2) years old
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A fee of $100 at time of application, as well as a non-refundable commitment fee of 1% of loan amount at time of approval and any closing costs to outside parties
Business Development Revolving Loan Fund (BDRLF)
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This program is available to most for-profit businesses located throughout Allen County. Loans may be used for land and building, renovations (Davis Bacon required), equipment, inventory, and some working capital and purchase orders.
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Maximum loan amount of $75,000 without private match; $300,000 with private match
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CDC finances 45% of the project, bank finances 45% of the project, and borrower injects 10%.
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Proceeds may not be used to relocate a business from one labor area to another.
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Rates are based on WSJ Prime Rate and are locked in at time of board presentation
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Fixed Assets (land and building purchase, renovations, equipment): rate is prime rate -1% with a floor of 4%
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Working Capital: rate is prime +1% with a floor of 4%
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Purchase Orders: rate is prime +3% (see program guidelines for interest rate on purchase orders)
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Fixed rate for term of loan and no pre-payment penalty
Fort Wayne - Allen County Opportunity Fund
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This program provides financing for businesses located in the city limits of Fort Wayne, as well as for businesses located within Allen County.
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Loans may be used for land and building, renovations, and equipment.
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Maximum loan amount of $75,000 without private match; $200,000 with private match
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One (1) job must be created for each $65,000 of CDC loan amount or one (1) job per $120,000 for manufacturing (job requirement is flexible based on project and industry).
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Rate is based on WSJ Prime with a floor of 4% and is locked in at time of board presentation
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Fixed rate for term of loan and no pre-payment penalty
Rural Development Revolving Loan Fund (USDA)
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This program is to provide an incentive for business expansion, job creation, and private investment in the counties of Adams, Blackford, Dekalb, Elkhart, Grant, Huntington, Jay, Kosciusko, Lagrange, Noble, Steuben, Wabash, Wells, and Whitley along with rural areas outside of Fort Wayne and New Haven in Allen County, Indiana.
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Loans may be used for land and building, renovations, equipment, inventory, and working capital.
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Maximum loan amount of $25,000 without private match; $50,000 with private match
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Agricultural purposes not allowed
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One (1) job must be created for each $25,000 of CDC loan amount
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Rate is based on WSJ Prime -1% with a floor of 4% and is locked in at time of board presentation
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Fixed rate for term of loan and no pre-payment penalty
Loan Process
CDC Loan Application Forms
Our Board of Directors meets weekly to review loan applications. This method provides a quick response to your loan request. These documents must be completed along with the required information stated on the loan application prior to submitting to the board for loan approval.
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Customer Identification Notice
Outstanding Loans Form (Form C)
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CDC DOCUMENT VAULT
INFORMATIONAL TOOLS
Monthly Payment Calculator (Non-SBA)
FWAC Loan Guidelines
RDLRF Loan Guidelines
Project Spotlight
Utilizing the BDRLF (Business Development Revolving Loan Fund) and in partnership with 1st Source Bank, Fusion Massage and Wellness was able to purchase an existing condominium in Fort Wayne, IN to expand their business.