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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:

Special loans and programs of interest

Startup business holding open sign

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

Minority contractor

Enabling growth for Black and other minority construction industry contractors. 

Refugee business owner working at grocery

Build your legacy with financial independence through small business loans and training.

Market vendor

Helping underserved businesses with expansion, working capital or inventory.

Rural bakery owner

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

Cafe worker on ipad

Helping to create jobs and spur economic growth in the City of Cleveland Heights.

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This program offers loan funding for small businesses across the state of Ohio.

Veteran loan client

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

City of Toledo skyline

Helping support business growth and neighborhood investment in the City of Toledo. 

Things to know about ECDI loans

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 $500,000, 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.")

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.

Detail

The maximum microloan term is ten years (120 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:

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