What are CDC lenders?
What are CDC lenders?
Certified Development Company (CDC) 504 Loan Program | What is a CDC lender? A Certified Development Company is certified and regulated by the Small Business Administration and serves as a bridge between lenders and participating lenders such as banks.
What is a Certified Development Corporation?
According to the SBA, “A Certified Development Company (CDC) is a nonprofit organization that promotes economic development within its community through 504 loans. It is within the bounds of possibility that the SBA could authorize a CDC to offer 504 loans within the continental United States.
How do you become a Certified Development Company?
To receive CDC certification, you must apply through the SBA and disclose a plan of operation, including operational requirements, budget, and more official criteria. If approved, a licensed CDC like 504 Capital Corporation can help connect you with an experienced lending officer.
How many certified development companies are there?
Certified Development Companies (CDCs) are nonprofit corporations certified and regulated by the SBA, that work with participating lenders to provide financing to small businesses. There are 270 CDCs nationwide, each covering a specific geographic area.
What is a micro lender?
A Microlender is a non profit organization that receives a loan from SBA. In turn, the Microlender makes small loans to very small businesses in the community. The Microlender also provides technical assistance to the small business.
What does CDC stand for SBA?
Certified Development Companies
Certified Development Companies (CDCs) are non-profit corporations certified and regulated by the Small Business Administration to package, process, close, and service “504” loans.
What CDC means?
Centers for Disease Control and Prevention
Centers for Disease Control and Prevention/Full name
Can you get a SBA loan without a bank account?
The bank can accept your loan application under federal law without a business account. Lastly, explain that you are a good customer of the bank. You may have multiple personal checking and savings accounts. Some may have a substantial amount of money in them.
