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GETTING YOUR BUSINESS FUNDED | HOW IT WORKS

ABOUT RECEIVING FUNDING FROM THE CICD

The Community Investment Corporation of Decatur, Inc. (“CICD”) manages various business loan funds for the City of Decatur. Currently, there are two types of loan funds being offered:

 

The Revolving Loan Fund (“RLF”) is intended to develop or expand for-profit businesses located within the City of Decatur and create permanent jobs. The RLF is funded by the City of Decatur and the Economic Development Administration. The RLF is typically used in conjunction with other conventional financing or loans from private lenders. One of the requirements for receiving a loan from the RLF is that at least one FTE job must be created for each $10,000.00 borrowed. The amount borrowed is capped at $200,000.00 or 1/3 of the total project cost. Click here to go to the loan brochure with additional details about the RLF and loan application.

 

The Small and Minority Business Loan Fund (“SMBLF”) provides financing to small for-profit businesses within the City of Decatur, with particular emphasis on businesses located in the inner city and on minority-owned and women-owned businesses. The SMBLF is funded solely by the City of Decatur. Loans from the SMBLF are tied to jobs created or retained, and at least one FTE must be created or retained for each $10,000.00 borrowed. The amount borrowed is capped at $25,000.00 or 80% of the total project cost. Click here to go to the loan brochure with additional details about the SMBLF and loan application.

WHAT WILL YOU NEED TO APPLY FOR FUNDING?

To apply, you will need to complete the following items. You can apply online here.

  • Application | Signed and Dated

  • Purpose and Use of Loan Proceeds

  • Summary of Collateral (Description and Valuation)

  • Two Years of Business Financial Statements, Tax Returns and Interim Statements (Signed and Dated if Applicable)

  • Reconciliation of Business Net Worth

  • Aging Reports for Accounts Receivable and Payable (if applicable)

  • Guarantors’ and Affiliates’ Financial Statements (if any)

  • History of Business (Narrative)

  • Business Plan

  • Market Analysis

  • Product and Service Advantages

  • Machinery or Equipment to Be Acquired

  • New Construction Estimates and Sources | Renovations and Build-Outs (if any)

  • Resumes of Principals

  • Personal Financial Statements and Last Two Years of Personal Tax Returns (Signed and Dated)

  • Where, Real Estate to Be Acquired: Environmental Survey, Flood Insurance, Copy of Purchase Agreement, Contract, Zoning and Code Compliance

BUSINESS PLAN SECTION REFERENCE

To apply, you will need to complete a business plan. You can do this when you apply online here.

  1. Statement of Purpose

  2. Definitions of the Business

  3. History of the Business (If buying a business or already in business)

  4. Objectives and Goals (Long term and short term)

  5. Marketing

    • Is there a need or want?

    • Why will you succeed?

    • Target market Demographics Competition Advertising

    • Pricing

    • Location

  6. Management Structure

    • Type of ownership Organization

    • Resume of principal employees

    • Other resources

  7. Financial

    • Cost to start the business in detail

    • Projected Income Statement – 2 years

    • Cash Flow Projection – 1 year

    • Projected Balance Sheet – Opening of Business Previous IRS Filings – 3 years

    • SBA Loan Applications