COIC’s business loan programs provide financing packages for new or growing businesses, and are designed to participate with bank loans. By using a COIC loan, your bank may be able to make a loan that could not be made otherwise. In some cases, projects can be financed exclusively by COIC, without a companion bank loan. For most businesses, the best place to start is with your bank loan officer. If your bank is unable to provide you with the financing you need, contact our loan officers for information on COIC financing options. Your banker can also contact us – we can do loans in cooperation with any lender. We’ll also discuss other public lending options that may be available for your business.

• Purchase an existing building
• Purchase land and construct a new building
• Purchase new or used equipment
• Working capital
• Business purchase may be eligible on a case-by-case basis
• Refinance of existing debt is eligible on a case-by-case basis
• Both start-up and existing businesses are eligible

• COIC loans are typically offered in conjunction done with a bank loan
• In some cases, projects can be financed exclusively by COIC with no bank companion loan
• COIC provides only fully-amortizing term loans, and does not offer business lines of credit
• All projects are required to create new job opportunities or retain existing jobs

• Maximum loan size is generally $250,000 for the COIC portion of the project, although some exceptions apply. There is no project size limit
• Minimum loan size is typically $20,000
• Maximum loan term is 15 years for real estate and 10 years for all other loan purposes
• Interest rate is fixed for the life of the loan, generally at a below-market rate
• Loan fee is 1.5% of the loan amount and can be included in the loan

• For existing businesses, a minimum 10% cash down payment is required
• For start-up businesses, a 25%-30% owner cash injection is typically required
• Typical loan structure: Bank loan, COIC loan, and borrower cash down payment
• The COIC collateral lien will usually be subordinate to the participating bank’s lien position
• COIC may require personal assets for collateral (such as a 2nd mortgage on a personal residence)