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.

Below are things you need to know about any small business loan.

The first step is simply clicking this button:

START YOUR APPLICATION

Special loans and programs of interest

CAPITAL FOR CONSTRUCTION

Enabling growth for Black and other minority or female construction industry contractors.

COMMUNITY ADVANTAGE (7A)

Helping underserved businesses with expansion, working capital or inventory.

VETERAN LOAN PROGRAM

Serving veterans of the U.S. Armed Forces with loans and business training.

NEIGHBORHOOD PROGRAMS

Dedicated funding may be available in your area via community partnerships.

RURAL LOAN PROGRAM

Funding, education and personalized assistance available in USDA-certified rural areas.

START-UPS / NEW BUSINESSES

Get loan-ready with entrepreneur training and business plan assistance.

Things to know about ECDI small business loans and application process

The Basics

Owners of for-profit businesses can apply for loans ranging from $750 to $350,000, 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.

Application Process

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.

Requirements

All new applicants are required to attend an ECDI info session. View upcoming virtual trainings. (Required session is called "Virtual ECDI Information Session.")

Most loan applicants must provide an effective business plan. (Some exceptions are made for businesses that have been successfully operational for more than three years.) All applicants can get help, free of charge, developing or perfecting their business plan through our Women's Business Centers of Ohio.

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.

Detail

The maximum microloan term is five years (60 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 are 5% of the loan.

Let's get the ball rolling! Click to get started: