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PROGRAM |
COMMUNITY REINVESTMENT LOANS (CRL)
(Sponsored by Comerica Bank) |
| PURPOSE: |
Small loans for small business reinvestment in the community.
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| USE OF FUNDS: |
May include working capital, equipment, business expansion or other business needs.
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| FINANCING METHOD: |
Term loans amortized for not more than six years.
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| QUALIFICATIONS: |
Business Plan Summary and Loan Checklist.
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| REQUIREMENTS: |
Coaching and training provided by PCR during the term of the loan.
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| MAXIMUM AMOUNT: |
$25,000 for each borrower.
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| MATURITY: |
Maximum term of 6 years.
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| INTEREST RATE: |
Fixed interest rates from 9%.
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| COLLATERAL: |
Best available collateral which will include but not be limited to an UCC blanket filing on all company assets.
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| FEES: |
No loan fees or points. Borrower may be responsible for costs associated with loan processing.
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