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CDFIs offer a variety of loan products to accommodate the diverse needs of small businesses and entrepreneurs. Some common types of CDFI loans include:
Microloans: These are small, short-term loans designed to help startups and early-stage businesses with working capital, inventory, or equipment purchases. Microloans typically range from $500 to $50,000.
Term loans: Term loans are more traditional business loans with fixed interest rates and repayment terms. They can be used for various purposes, including business expansion, equipment purchases, and refinancing existing debt.
Real estate loans: Real estate loans are used for purchasing, renovating, or refinancing commercial properties. These loans can help businesses secure affordable spaces in low-income or economically disadvantaged areas.
Lines of credit: A line of credit provides flexible financing for businesses that need ongoing access to capital for working capital, inventory management, or other short-term needs.
SBA loans: Some CDFIs are approved lenders for Small Business Administration (SBA) loan programs, including the popular 7(a) and 504 loan programs. SBA loans offer favorable terms and may be easier to qualify for than traditional bank loans.
