Over the coming months, investors in our local communities will fund the CSBRB which plans to make loans to eligible businesses who are in need of capital support due to COVID-19. To qualify for the loan, your business must have been financially viable prior to the pandemic as determined by the underwriting policies set for the program.
To qualify, businesses must meet the following minimum criteria:
When you are invited to apply, you will be required to complete a loan application which will determine your eligibility and the amount of money you are able to receive. The terms of the loans available from the CSBRB are outlined below:
Business Term Loan
Up to $50,000
6 Year Term. Year 1 - Interest Only. Years 2-6 - 5 Years Equal Monthly Payments.
No penalties for prepayment.
Use of Funds
Must provide a clear use of funds such as investment in pivot. Cannot use for tax arrears, loan arrears or refinancing.