CCV Offers New Loan Product
We are happy to announce that CCV is now offering contract financing, in addition to the term loans already offered by our Neighborhood Transformation Loan Fund, for small businesses in low and moderate income communities throughout Chicagoland. In an effort to meet the diverse needs of our clients, we have introduced this product to finance their immediate needs for contract fulfillment.
Contract financing is linked to the value of a company's contract for goods or services, and is available for terms ranging from three months up to one year. With our new flexible financing solution, CCV can advance small businesses up to 70 percent of the value of a purchase order received in conjunction with a contract, and offers extremely competitive interest rates for these transactions. Also, depending on contract terms, a company's credit worthiness, and their immediate needs, exceptions may be made to advance larger sums.
In accordance with CCV's lending procedures, all business loan decisions and interest rates (ranging from Prime +1 to Prime +5) are determined by five factors: risk, credit history, management experience, cash flow, and social responsibility/impact. Funding for small business loans is currently restricted to businesses operating in low or moderate income communities throughout Chicagoland.
For more information about our Neighborhood Transformation Loan Fund and loan products please contact Hussain Bhanpuri at 773.822.0324.
Funding for our loan program is made available with investments from the Chicago Federal Home Loan Bank, LaSalle Bank, and Wells Fargo.