COIC’s business loan programs provide financing packages for new and existing businesses. 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

Click this link below to go to our quick 12 questions. This simple form lets you tell us more of what is important to you and helps us to understand your goals. When we connect I can get right to the solutions that are specific to your needs.

Inquiry Link

Or you may  email pgermick@coic.org for the questionnaire 

• Business History: one page summary of the management, goals, industry, marketing
• Resumes of all owners, officers, principal stockholders
• Business Plan
• Business Financial Statements – 3 most recent years, signed
• Current Interim Balance Sheet and Income Statement
• Personal Financial Statements-individual sole proprietor, partners, shareholders
• Complete Business & Personal IRS Tax Returns – 3 most recent years, signed
• Cash Flow Projections or Projected Annual Income Statement – 2 years, signed
• Articles of Incorporation & Bylaws, Partnership Agreement, and/or Assumed Business Name filing, with current members

• Maximum loan size is generally $250,000 for the COIC portion of the project, although some exceptions apply allowing higher amounts. There is no project size limit
• Minimum loan size is currently 5,000 in our micro lending program
• Maximum loan term is 25 years for real estate and 7-10 years for all other loan purposes
• Rates based on risk/collateral/loan position and generally range from 3.75% to 6.5%. Additional incentives available
• Interest rate is fixed for the life of the loan, no prepayment penalty and 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 or COIC and your cash down 
• The COIC collateral lien will usually be subordinate to the participating bank’s lien position
• COIC may require personal assets for collateral ( 2nd mortgage on a personal residence) and other business assets)

• 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 fully-amortizing, fixed rate loans with no prepayment penalty and does not offer lines of credit
• All projects are required to create new job opportunities or retain existing jobs