Hamden, CT – Community Investment Corporation (CIC), a small business lender based in Hamden, has opened a Providence office to expand financial options for Rhode Island small businesses and entrepreneurs. The firm provides business consulting and financing services through the U.S. Small Business Administration (SBA) 504, Community Advantage and MicroLoan Programs. CIC’s new office has been established in the Social Enterprise Greenhouse (SEG) at 10 Davol Square.Community Investment Corporation Opens Rhode Island Office
Mark Cousineau, president of Community Investment Corporation said that “the level of interest from Rhode Island companies has been growing and the time was right for us to have a local office. Buck Harris, a Rhode Island resident and Vice President of Community Lending, will staff our Providence office. We look forward to being a resource to small business owners in the state.”
In Rhode Island, CIC recently provided SBA 504 loans to Arctic Tool & Engineering, a division of Carlyle Johnson Machine Co. of Greenville for a major equipment purchase and to ParsonsKellogg of East Providence for a building purchase. Fully Rooted of Wickford recently purchased commercial machinery with the help of a MicroLoan.
Community Investment Corporation (CIC) is an economic development organization dedicated to providing small businesses with both access to capital and business expansion loan programs. CIC manages the loan process, provides business counseling, training and technical assistance to entrepreneurs with powerful ideas who need more power to grow them.
CIC manages three primary loan programs:
Financing of owner-occupied real estate, including renovation or ground up construction and for machinery and equipment. CIC teams up with banking partners to provide a financing package up to 90%. CIC’s portion is capped at $5.5Million. A refinancing option is newly available.
Loans typically range between $50,000 and $150,000 made to borrowers who are not quite ready for traditional financing, but have the character and experience needed to be successful. CIC targets start-ups and businesses located in low-mod census tracts. Loan proceeds can be used for most any business purpose.
Loans up to $50,000 to companies not yet ready for traditional financing. Business consulting services both pre and post loan are provided to aid in the success of the micro business. MicroNow is a quick turnaround option for loans up to $7,500. MicroNow loans are available to borrowers in business for over 1 year with good personal credit.
More information is available on ciclending.com.
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About Community Investment Corporation