Are you looking for flexible cash for your business without a long and complicated application process?
CEI’s Wicked Fast Loans offer up to $15,000 for start-up businesses and up to $30,000 for existing businesses.
Businesses must have evidence of a relationship with a business advisor. CEI can make referrals to a free Business Advisor upon request.
Benefits of the Wicked Fast Loan/Loan Terms
- Streamlined application
- No collateral requirements
- Low credit score thresholds
- 7.25% interest rate
- No prepayment penalty
- Loan decision in 3-business days
- Up to 5-year/60-month terms
- Minimal annual financial reporting requirements
What Can I Use Funds For?
- Working capital
- Refinance existing higher interest
- Funds cannot be used for real estate purchase
Who Can Apply?
Maine-based for-profit businesses. Non-profit businesses do not qualify.
- Complete CEI Wicked Fast Loan application(s) from each owner with at least 20% interest in the business
- Provide items listed on our Application Checklist (in application) specific to your business stage and legal type
- Evidence of a relationship with a business advisor. CEI can make referrals to a free Business Advisor upon request
When will I know if my request is approved?
Approvals or declinations are typically provided to applicants within 3 business days of complete loan application submission.
Are there any other requirements?
- Personal guaranty from all business owners with a 20% or greater share of the business
- Loan payment by ACH
- Most potential borrowers will be asked to participate in a 30-minute workforce assessment
- Evidence of business liability insurance prior to close
- Borrower’s Resolution, if applicable, depending on the corporate structure of the business
- Additional items, as needed