CommCap small business loans fund working capital needs, the purchase of machinery and equipment and/or new construction or rehabilitation of commercial real estate for existing small businesses, community-based organizations and start-up businesses. The minimum loan amount is $50,000 and the maximum loan amount is $500,000.
Business must meet the following criteria:
- Job creation – the financing must create jobs in the greater Bridgeport area
- Tax generation – the financing must produce tax revenue for the City or State
- Neighborhood stabilization – the financing must employ residents and/or fill vacant properties in the target area or bring needed services to the neighborhood
- Interaction with local business – the business financed should buy/sell goods/services to/from local businesses or residences
- Not bankable at a reasonable rate
- Collateral offered consistent with risk
- Net personal cash flow sufficient to cover financing costs
Required Documentation
- Completed Application with non-refundable fee
- Personal Financial Statements of all Borrowers/Guarantors
- Signed Federal Income Tax Returns (2years)
- Corporate Financial Statements (2 years)
- Corporate Tax Returns (2years)
- Business Plan (start-up or less than one year old)
- Projections
- One year cash flow
*Please note that these are minimum requirements. In some cases, we have asked for or may later ask for additional information before final approval can be granted