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Economic and Community Development Institute

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Description

The Economic and Community Development Institute offers comprehensive SBA lending services tailored to small businesses seeking financial support for growth and development. With a focus on community-oriented financing, this institution provides various loan options, including SBA 7(a) loans, to help entrepreneurs access capital for expansion, equipment, and working capital needs. Located in Columbus, Ohio, it serves a diverse range of industries, emphasizing local economic development. The institute prides itself on personalized service and flexible lending criteria to accommodate small business owners at different stages of their growth journey. Whether you’re starting a new venture or expanding an existing one, their team is dedicated to guiding you through the loan process efficiently and effectively. Their expertise extends to supporting businesses in various sectors, especially those aligned with community development goals. They also offer resources and advice to help clients understand the loan terms and navigate the application process successfully. With a commitment to fostering local entrepreneurship, the institute aims to be a reliable partner for small businesses across Ohio and beyond.

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Q&A

Lender Type
Commercial Bank
Google Rating
3.8
Google Review Count
19
Question 1
What is this place and what can I find here?
Answer 1
This is a community development financial institution offering SBA loans and support for small businesses looking to grow and expand within Ohio and beyond.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It"s recommended to schedule an appointment to ensure dedicated assistance, but walk-ins may be accommodated depending on availability.
Question 3
What are the hours of operation?
Answer 3
Typically, they operate during regular business hours from 9 am to 5 pm, Monday through Friday, but it"s best to confirm ahead of time.
Question 4
Is there a fee to use this?
Answer 4
There are no fees to access their services, but loan application fees and other charges may apply depending on the specific loan product.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This institution primarily serves small businesses and entrepreneurs in Ohio and nationwide, focusing on community development projects.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of around 640 is generally preferred, though other factors are also considered in the approval process.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation.
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