Certified Development Company Loans Grants

What is the aim of Certified Development Company Loans Grants?

To assist small business concerns by providing long-term, fixed-rate financing for fixed assets through the sale of debentures to private investors. Loans are to assist small businesses in the acquisition of land and buildings; the construction, expansion, renovation or modernization of buildings; or the acquisition and/or installation of machinery and equipment. Loans may have either a 10 or 20-year term.

Who are Eligible to Apply for Certified Development Company Loans Grants?

Certified Development Companies (CDCs) package, close, and service these SBA-guaranteed loans to small businesses. A CDC must be incorporated under general State corporation statute, on a nonprofit basis, for the purpose of promoting economic growth in a particular area.

How to Apply for Certified Development Company Loans Grants?

To become a Certified Development Company (CDC), the applicant should include the following information: (1) Name and address of applicant; (2) type of CDC, State or local; (3) area of operation; (4) list of members or stockholders with address, occupation and telephone number; (5) list of officers and directors; (6) SBA Form 1081 on all officers, directors, and staff; (7) certified statement that no member or stockholder controls more than 10 percent of the voting control; (8) resume’ on each officer and director; (9) the name of each individual who provides the CDC with the professional staff capability; (10) if contracted out, a copy of the contract is required to be submitted to SBA; (11) proof of compliance of representatives from the following groups; local government, private sector lending institution, community organization and business concern; (12) an organization chart and operating plan; (13) a flow chart on the CDC (evaluating, packaging, processing, closing and servicing functions); (14) address and description of the place of business, telephone number and financial statement; (15) the CDC’s charter and certified by-laws; (16) articles certified by the State; and (17) a resolution of the Board of Directors certified by a corporate officer in which a company resolves to become a CDC, naming the person who is authorized to execute all documents.

Where to send applications for Certified Development Company Loans Grants?

SBA Executive Secretariat 409 3rd. Street, SW , Washington, District of Columbia 20416
Phone: 1-800-827-5722
Email: SBAExecSec@sba.gov
Web Site Address: http://www.sba.gov

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