Frequently Asked Questions

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Products and Services - Commercial Lending

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If you have questions about applying for a commercial loan or any other matter relating to ECD's commercial lending program, our frequently asked questions may provide answers for you.

If you still have questions that you don't have the answer to contact us, or your nearest commercial loan officer and we will be happy to provide you with whatever information you need.

How can I get a loan for my business from Ecd? If your business is located in ECD's service area, you may contact the ECD Commercial Loan Officer in your area for more information. Your representative will ask you more about your business and your needs and guide you through the application process.
How much can I borrow from ECD? The amount of financing is determined on a case by case basis. Typically ECD's loans range from $10,000 to $50,000, but more may be available - up to $1,000,000 or more - for larger qualifying businesses. We also offer microloans of $2,000 to $25,000 for smaller businesses that need lower levels of financing.
What lending products does ECD offer? Lines of credit, term loans, and letters of credit are ECD's primary lending products.
How long will I have to pay off a loan? Typically, lines of credit have one-year notes and term loans have five-year notes.
What kind of collateral do I need to get an ECD loan? Real estate, inventory, equipment, and accounts receivable are often used as collateral. Other forms of collateral may also be condsidered.
Can I get a loan if my credit is not perfect? As a nontraditional lender, ECD considers all aspects of each applicant's qualifications. Imperfect credit is not necessarily an obstacle to financing.
What is ECD's interest rate? The rates ECD establishes for loans is risk-adjusted for each request, but typically start at 3% above the prime rate. Access to capital can be more important than its cost.
What documents to I need to supply during the loan process? A loan application package will include a completed application form, financial statements, and other supporting material as required.
How long does the loan application process take? The length of time required for any ECD loan approval is partly dependent upon the timliness of information supplied by the applicant and the thuroughness and accuracy with which the loan application package is completed. Other factors concerning merit and risk also influence the approval process. Each application is different, and ECD works with each request on a case by case basis. Therefore, processing times can vary greatly.

How can I get a loan for my business from Ecd?

If your business is located in ECD's service area, you may contact the ECD Commercial Loan Officer in your area for more information. Your representative will ask you more about your business and your needs and guide you through the application process.

How much can I borrow from ECD?

The amount of financing is determined on a case by case basis. Typically ECD's loans range from $10,000 to $50,000, but more may be available - up to $1,000,000 or more - for larger qualifying businesses. We also offer microloans of $2,000 to $25,000 for smaller businesses that need lower levels of financing.

What lending products does ECD offer?

Lines of credit, term loans, and letters of credit are ECD's primary lending products.

How long will I have to pay off a loan?

Typically, lines of credit have one-year notes and term loans have five-year notes.

What kind of collateral do I need to get an ECD loan?

Real estate, inventory, equipment, and accounts receivable are often used as collateral. Other forms of collateral may also be condsidered.

Can I get a loan if my credit is not perfect?

As a nontraditional lender, ECD considers all aspects of each applicant's qualifications. Imperfect credit is not necessarily an obstacle to financing.

What is ECD's interest rate?

The rates ECD establishes for loans is risk-adjusted for each request, but typically start at 3% above the prime rate. Access to capital can be more important than its cost.

What documents to I need to supply during the loan process?

A loan application package will include a completed application form, financial statements, and other supporting material as required.

How long does the loan application process take?

The length of time required for any ECD loan approval is partly dependent upon the timliness of information supplied by the applicant and the thuroughness and accuracy with which the loan application package is completed. Other factors concerning merit and risk also influence the approval process. Each application is different, and ECD works with each request on a case by case basis. Therefore, processing times can vary greatly.