CEED Lending FAQ

  • What is a Small Business Loan? +

    The Loan Program assists women, low income individuals, minority entrepreneurs, and other small businesses which need small amounts of financial assistance. Under this program, SBA makes direct and guaranteed loans to Intermediaries such as CEED LENDING, who use the proceeds to make loans to eligible borrowers. CEED LENDING lends up to maximum $50,000.
  • What are the requirements for a loan? +

    Information on how to apply for a CEED LENDING loan can be found at www.miceed.org Applicants to the CEED LENDING Loan Program must meet the following requirements:

    • Business must be in Oakland, Livingston, Macomb, Lenawee, Jackson, Hillsdale, Monroe, Washtenaw or Wayne County (City of Detroit see Small Business Detroit Loan Program)
    • Complete loan package and supporting documentation
    • Be denied by 2 financial institutions, and provide copies of the denial letter (*If the loan request is over $20,000).

    CEED LENDING Loans are made on a secured-basis with personal guarantees, sometimes including collateral and/or a cosigner. Loans are made at an interest rate of prime plus four percent. The rate is fixed at the time of the loan closing. The borrower will pay loan closing costs and filing fees. Credit Requirements are determined on an individual basis.

  • Is the loan the same as a grant? +

    No, the loan is not a grant. The loan will be required to be repaid over a period up to 5 years.
  • Can I apply for a small business grant? +

    "SBA does not offer grants to start or expand small businesses. SBA's grant programs generally support non-profit organizations, intermediary lending institutions, and state and local governments in an effort to expand and enhance small business technical and financial assistance." -- Source: SBA
  • Is the loan only for existing businesses? +

    The loan is for start up as well as existing for-profit businesses.
  • Does my credit score matter in obtaining a loan? +

    Our loans aren’t determined based on your credit scores alone. However, your credit does play a factor in the approval process, and can be the basis for being denied. CEED LENDING reviews the overall package (credit, business concept/plan, financial information, collateral, and use of proceeds), and not just credit scores.
  • Is the loan for women and minorities only? +

    Unlike some of the programs offered by CEED LENDING, our Loan Program is open to everyone. Ethnicity and gender is not a factor when applying for a loan.
  • Am I guaranteed funds if I’m denied by two (2) banks and have a business plan? +

    Unfortunately, being denied by two (2) banks does not guarantee acceptance to our loan funds. The two (2) letters of denial (required if your loan request is over $20,000) by commercial banks or credit unions is a requirement by the SBA to be eligible for the program. There is still an application process to determine if applicants are approved for the funds.
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