HCDC Business Center Client Loan Program

This small lending program provides loans up to $35,000 to HCDC Business Center resident clients or graduates who have been located at 1775 or 1776 Mentor Avenue for at least 6 months.  Under this program, the Business Center is able to make loans to qualified resident clients or graduates to further the development of their entrepreneurial ventures.  Rates and terms depend on risk, rationale, and profitability of the business.

Client Loan Program Framework

Applicants: Must be a resident or graduate of HCDC’s Incubation Program for at least 6 months
Amount: Up to $50,000
Terms:  30 days to 3 years
Interest Rate: Short Term Notes (30 Days to 364 Days) – 7.00 %
Long Term Notes (1 Year to 4 Years)  – 8.50 %

Rates subject to change at any time

Eligible Uses:

* Working Capital
* Inventory
* Supplies
* Contract Financing
* Industry Specific Equipment

Non-Eligible Uses:

* Leasehold improvements
* Payment of other loans or consolidation of existing debt
* Repayment of Partners or Shareholders
* Real Estate Purchases
* Non-Business Related Expenses

Application Process – Client must submit the following:

* Application
* Current Year to Date Financial Statement (Balance Sheet and Income Statement) that is within 60 days of the application date
* If available, any fiscal year end financial statements within the past 3 years of application date
* Personal Financial Statement for any owner with 20% or greater ownership stake
* Annual Tax Returns – Personal & Corporate – last 2 years submitted, if possible.
* Status of business document that is not greater that 3 pages, which includes current status of business, reason for borrowing, rationale for repayment, ownership’s contribution to project being considered.

Collateral: All Business Assets / Specific Asset being Financed
Guarantors: All Owners with 20% Ownership Stake or Greater
To learn more:   Please contact Patrick Longo for more information or an application packet