How is CTCIC different from banks and other funding sources?
CTCIC is a private, non-profit economic development lender. CTICIC considers non-traditional collateral and offers a flexible loan structure. The rates and fees are generally competitive with bank rates for similar loans. CTCIC also provides business counseling, training, and technical assistance to help borrowers improve their capacity to succeed in business before and after funds have been disbursed. Banks are for-profit entities that are chartered by the government (federal or state) and have the primary goal of maximizing returns to their shareholders. Because CTCIC receives its funding from the Small Business Administration (SBA), loan applicants must meet various eligibility criteria for the MicroLoan programs. As a result, documentation that a bank would not normally require from a loan applicant must be obtained by CTCIC in order to justify the extension of a loan to the Borrower.
