COVID-19 Recovery Loans up to $50,000
Coastal Enterprises, Inc. (CEI) is offering a special loan product using SBA microloan funds supported by the CARES Act to help businesses across Maine gain access to the capital they need to rebuild from the devastating impact of the COVD-19 Pandemic.
Wicked Reboot Loans may include six months of payment and interest coverage by the SBA and have no pre-payment penalty. Wicked Reboot Loans are available until 9/27/20 or while funds last, whichever comes first.
Small businesses may request funds to cover working capital needs or to meet normal operating expenses. Businesses receiving funding will also have access to technical assistance, coaching, and education from CEI’s business advisory services.
- Funds can be used for working capital, equipment, or normal operating expenses
- Businesses that have already received PPP or EIDL funding are eligible for funding.
- Funds cannot be used for refinancing existing debt
- May include six months of payment and interest coverage by the SBA
- No prepayment penalty
- Non-profit businesses (excepting childcare) do not qualify
- Loan decisions will be made within 10 business days of the receipt of a complete application.
Standard Wicked Reboot Loan
- Existing Businesses: $1,000-$30,000*
- Start-ups: $1,000-$15,000
- 3 year/36 month term
- 3% Interest Rate
- A blanket lien on all business assets. Lien can be subordinate.
Extended Wicked Reboot Loan
- Existing Businesses: $30,001-$50,000*
- 4-5 year term
- 4% Interest Rate
- Loan to Value cannot exceed 150%
*Total of all outstanding SBA microloans to business, regardless of origination, cannot be larger than $50,000.
Other Loan Terms/Requirements
- Personal guaranty from all business owners with a 20% or greater share of the business
- Payment by ACH
- Start-up businesses must have a business advisor
- Wicked Reboot Loan Application
- 2019 business financials (company prepared; or business/Schedule C of personal tax returns potentially acceptable) OR 1 year of projections for start-ups
- 2019 personal tax returns and Personal Financial Statement OR 2018, if 2019 not complete
- Collateral description
- One-page or equivalent ‘Reboot Plan’ on COVID impact and path to return to normal (as best as possible) within approximately 6 months.