Small Business Loans
Finally: the part of the story where you get funded
Too many entrepreneurs face hurdles in gaining access to business capital.
It's our job to change that.
Whether you're just turning an idea into a business plan – or you're an established business looking to open a new location, ECDI gives you access to responsible, affordable capital, with the support and training you need to build your dream. We go the extra mile by providing comprehensive training and valuable resources.
Below are things you need to know about any small business loan.
To get started, all you need to do is inquire:
If you inquire about a loan, you'll be directed to an info session to learn more about ECDI and our loan process and a staff member will reach out. There is not a credit check at this time.
Special loans and programs of interest
Things to know about ECDI small business loans and application process
Owners of for-profit businesses can apply for loans ranging from $750 to $2,000,000, for nearly any business-related purpose.
Outside of ECDI's ability to lend are nonprofits, real estate acquisitions and individuals or businesses that have defaulted on a federal loan or have been convicted of certain financial crimes.
Start the application process by clicking the button below to give us basic information about yourself and your needs. A loan advisor will contact you within three business days to provide the correct loan application and instructions. You can also get started by calling our office during regular business hours (8:30 a.m.-5 p.m. EST).
A checklist of information most business owners will need to gather to complete their application can be viewed here. (Remember: your loan processing time begins when the application is complete, including all items on the checklist.)
There is a $25 application fee for each applicant. Any and all business partners who own 20% or more of the business must complete an application.
All new applicants are required to attend an ECDI info session. View upcoming virtual trainings. (Required session is called "Virtual ECDI Information Session.")
Loan applicants must provide a viable business plan that demonstrates their ability to pay back the loan. (Some exceptions are made for businesses that have been successfully operational for two or more years.) Prior to applying, entrepreneurs must meet with an ECDI adviser for no-cost assistance vetting their business plan.
To be awarded a loan from ECDI, applicants are required to make a personal guarantee, meet collateral or equity injection requirements and provide ongoing reporting and job creation activity. Training may also be required.
The maximum loan term is six years (72 months). There is no prepayment penalty. Applicants must have a business checking account with a bank and payments must be set up by ACH. Closing fees will not exceed 5% of the loan.
Let's get the ball rolling! Click to get started: