(Brunswick, Maine – May 21, 2018) Hardworking Mainers who need catalytic capital to scale up small business operations have a new option, Wicked Fast Microloans from Coastal Enterprises, Inc. (CEI).
This expedited microloan product, designed for existing and start-up business owners, allows eligible applicants to borrow up to $25,000. The funds can be used for a variety of purposes including working capital, equipment purchases, or to refinance existing higher cost debt. (This loan product is not available for real estate purchases.)
The approval timeline is extremely fast–wicked fast, in fact. The decision on whether to lend is made by CEI within three business days; loans can close within ten business days from application. The paperwork is also minimal: just a 2-page application. Factors that CEI considers for loan approvals include credit scores and proof of working with a business advisor.
“There are a variety of situations where an entrepreneur needs capital for that one thing at just the right time that will take their business to the next level. The efficiency and quick decision-making with the Wicked Fast Loan are great pluses for clients,” said CEI’s John Scribner who heads up CEI’s StartSmart program that works with immigrant small business owners. “One of our borrowers, Adrian Espinoza, is opening a catering business, Empanada Club, at Fork Food Lab. He needed capital quickly to take advantage of the summer festival season. \This loan allowed him to have the working capital he needed to open and get his business off the ground, and not miss the busy summer season in Maine.”
There have been five Wicked Fast Microloan borrowers since CEI launched the product last month, each with a different situation that required fast financing. Other scenarios that might warrant a quick loan could be equipment breakdowns and replacement or staffing up and purchasing more material to fill a large order.
Click here for more information on the Wicked Fast Microloan or to apply today.
Coastal Enterprises, Inc. (CEI) helps to grow good jobs, environmentally sustainable enterprises, and shared prosperity in Maine and in rural regions across the country by integrating financing, business and industry expertise, and policy solutions. CEI envisions a world in which communities are economically and environmentally healthy, enabling all people, especially those with low incomes, to reach their full potential. More at www.ceimaine.org.