Traditional Amortizing Business Loan up to $50,000

Eligible Uses: For start-up and growing businesses that may have difficulty obtaining adequate financing from a financial intermediary with flexible and affordable financing. Loan proceeds can be used for working capital, real estate acquisition and/or improvement, inventory, machinery and equipment, and start up expenses. Refinancing of existing debt is allowed when the refinance will have a significant impact on reducing the debt service of the business and enhancing the viability of the business.

Loan Size: Maximum loan size is $50,000 in Washington, Lamoille, and Orange Counties and $25,000 in the rest of the State.

Terms: Loans will be designed based upon the need of the borrower, and can include fully amortizing loans of up to 5 years or 10 years; fully amortizing loans with a balloon provision; or term loans not to exceed one year. No prepayment penalties shall apply.

Interest Rates: The interest rate of business loans will be fixed at the time of loan closing for the term of the loan and will be based upon the Wall Street Journal Prime rate plus additional points for risk as determined by the Loan Committee. Interest rates range between two to four points above Wall Street Journal Prime.

Closing Fees: The Borrower will be responsible for all applicable legal and loan closing fees, including but not limited to fees associated with any appraisals or legal opinions as required by Community Capital for loan approval. A loan origination fee will be due to Community Capital set at 1% of the loan request due at time of closing. The fee, at the applicants request, can be rolled into the amount of the loan. These fees will be due and payable at closing and under special circumstances may be financed as part of the loan.

Other Fees: Click here for Community Capitals Fee Schedule.