Business Loans

Business Loans

The Economic Wellbeing Team offers a variety of loans through the IRC’s Center for Economic Opportunity (CEO) which is a national, non-profit financial institution that offers small-dollar loans to New Americans and other “credit-thin” individuals. The CEO offers practical loans at affordable rates that promote the upward economic mobility of our borrowers.

Who Can Apply?

Center for Economic Opportunity (CEO) loans are designed to help individuals engaged with IRC’s related economic development programs. As with all CEO loans, applicants must complete training on banking and credit. For Microenterprise Loans, CEO also requires that all applicants be enrolled in an IRC Microenterprise Development Program. Some IRC offices may have additional requirements for program participation depending on local capacity – ask your local IRC office about any additional terms.

It is important to note that being eligible to apply for a loan is very different than being approved for a loan. Approvals are handled by CEO staff and not IRC.

Please review the document titled ‘How CEO Makes Loan Decisions’ for important information on getting approved for a CEO loan.

What Types of Business Loans are Offered?

The Financial Capability Team offers loans to qualifying individuals for these types of loans. (Each is linked to a more detailed PDF document that describes each type of loan.)

  • Business Loans or Microenterprise Loans offer participants enrolled in IRC’s Microenterprise Development Programs access to capital to start or expand small businesses.

** Please check with your IRC Business Counselor to confirm that you have the most current information.

For other types of loans offered please see the Personal Loans page.

How to Apply:

1. Visit your local IRC office to complete a Center for Economic Opportunity (CEO) Loan Application and meet with a Business Counselor.

Here’s a list of the items you’ll need for the loan request:

  • Personal e-mail address

  • Valid government-issued ID

  • Copy of Social Security Card

  • US Bank acct + Voided Check/Direct Deposit Form

  • 2 most recent monthly bank statements

  • 2 months of verifiable business income statements

  • Previous year tax return

  • Business license, Articles of Incorporation, and Employer Identification Number (EIN) if available

  • Business plan and 12-month business cash flow projections

** Please check with your IRC Business Counselor to confirm that you have the most current information and what documents you will need to apply for a loan.

2. Your IRC Business Counselor will upload your application and attachments to CEO, and let you know if there are any questions (loan decisions are usually made within one week of application).

3. If approved, you may need to come back to the IRC’s office to sign your loan contract.

4. If collateral is offered as a condition of loan approval, you will need to release your interest in the asset and provide the title or other legal ownership record before funds are made available to you.

5. Funds are usually available within 2 business days after signing the loan contract.

Apply for a Loan:

If you are interested in obtaining a business loan, please contact the IRC-SLC Economic Wellbeing group and schedule a meeting by signing up on our Scheduling Page.

When scheduling a meeting for a business loan please select “Small Business Intake” on the scheduling form.

For more information about Business Loans please contact the Economic Wellbeing team.

CA FINANCE LENDER’S LICENSE #60DBO54868
LOANS MADE OR ARRANGED PURSUANT TO CALIFORNIA FINANCE LAW LICENSE
FOR INFORMATION CONTACT THE DEPARTMENT OF BUSINESS OVERSIGHT, STATE OF CALIFORNIA
www.irc-ceo.org