CEO Microenterprise Loans offers participants in our partner's related business development programs access to capital to start or expand small businesses.
CEO loans are made through referrals from trusted local community organizations. They are offered in tandem with related training and services and are available for business start-ups and expansion.
Business loans are available in three tiers: loans under $5,000 with reduced and flat rates, loans for the gig economy businesses (under $20,000), and loans for all other purposes (up to $50,000).
Current loan term for microenterprise loan.
| Maximum Amount | $5,000 | $20,000 | $50,000 |
| Maximum Term | 36 months | 72 months | 72 months |
| Interest Rates | 0.00 % - 3.99 % | 8.99 % - 11.99 % | 8.99 % - 11.99 % |
| Closing Fees* | 2% | 2% | 2% |
State-specific rates:
- In Colorado, Virginia, Massachusetts, and Kansas, the maximum interest rate is 12%.
- In Texas, the maximum interest rate is 10%.
None of our loans include hidden fees, such as late fees, insufficient funds fees, prepayment penalties, or additional charges.
*See Loan Product Rates and Terms for state-specific closing fees.
Reduced interest rates for microenterprise loans (up to $5,000).
| Loan Amount | Term - month | Interest Rate | Closing Fee |
| $300 - $2,500 | 12 | 0% | 2% |
| $300 - $5,000 | 24 | 2.99% | 2% |
| $300 - $5,000 | 36 | 3.99% | 2% |
Current interest discount for microenterprise loan (over $5,000).
| Discount Condition | AZ, CA, GA, IA, UT, WA | KS | TX |
| Base Rate | 11.99 % | 10.99 % | 9.99 % |
| Credit Score Discount | |||
| FICO 700 to 750 | -1 % | -1% | -0.50 % |
| Down Payment and Loan-to-Value Discounts | |||
| 25% Down Payment / LTV (*) | -0.50 % | -0.50 % | N/A |
| Positive Cash Flow Discount (**) | -0.50 % | -1% | N/A |
| Collateral > 50% LTV (***) | -1% | -0.5% | -0.50% |
| Lowest Possible Rate | 8.99 % | 8.99 % | 8.99 % |
| (*) This is only available for loans to purchase equipment. The proof of downpayment amount and equipment list with the prices on the third-party vendor platforms (links, screenshots, direct purchase orders from vendors, etc.) must be submitted with the application. It is not available for loan for working capital or inventory purchases. | |||
| (**) This is only available for existing businesses that have shown positive cash flow for the last six months. It must be confirmed with tax returns, financial statements, or bank statements. | |||
| (***) Personal/Business vehicles with a Kelley Book Value of more than 50% of the Loan amount requested will be eligible. CEO will be the lienholder on the title until the loan is paid in full. This discount is not eligible for loans to purchase vehicles/trucks. | |||
Current interest discount for gig-economy business loans (up to $20,000).
| Discount Condition | AZ, CA, GA, IA, UT, WA | KS | TX |
| Base Rate | 11.99 % | 10.99 % | 9.99 % |
| Credit Score Discount | |||
| FICO 700+ | -1 % | -1% | -0.50 % |
| Down Payment and Loan-to-Value Discounts | |||
| 10% Down Payment / LTV | -1 % | -0.50 % | N/A |
| 20% Down Payment / LTV | -2 % | -1% | -0.50 % |
| Lowest Possible Rate | 8.99 % | 8.99 % | 8.99 % |
Current interest discount for business loans to purchase a truck (up to $50,000).
| Discount Condition | AZ, CA, GA, IA, UT, WA | KS | TX |
| Base Rate | 11.99 % | 10.99 % | 9.99 % |
| Credit Score Discount | |||
| FICO 700+ | -1 % | -0.50 % | -0.50 % |
| Lowest Possible Rate | 10.99 % | 10.49 % | 9.49 % |
| |||
Please check out How does CEO determine interest rates for more information on how we price loans.
Documents required for a business loan application.
| Requirements | Up to $5k | $5k-$20k | Over $20k |
| e-mail address | Yes | Yes | Yes |
| Valid government-issued photo ID | Yes | Yes | Yes |
| U.S. bank account with routing and account number | Yes | Yes | Yes |
| Complete bank statements (personal & business) (*) | 2 months | 2 months | 6-12 months |
| Pay stubs or other verifiable business income statements | 2 months | 2 months | 6-12 months |
| Business license, Articles of Incorporation, EIN, Permits if available | Yes | Yes | Yes |
| Most recent tax return (personal and business) | Yes | Yes | Yes |
| Profit & Loss Statement (*) | Monthly | Monthly | Annual |
| Supporting Docs for verification of financial situation, such as QuickBooks, Square Sales & Expense Reports, Invoices, Receipts, Purchase Orders, Sales Contracts, etc. (*) | Optional | Yes | Yes |
| Business plan | n/a | Optional | Yes |
| Business Cash Flow Projection (12 months) | n/a | Optional | Yes |
| Credit Memo | n/a | Optional | Yes |
| Collateral (**) | Optional | Optional | Required |
| Social media account, marketing materials, photos, etc. | Optional | Optional | Optional |
| Internal Loan Committee Review | Yes | Yes | Yes |
| External Loan Committee Review | n/a | n/a | Yes |
|
(*) To be eligible for a Positive Cash Flow Discount for loans over $5k, at least 6 months of supporting documents for revenue and expenses are required. (**) Collateral requirements for loans
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Microenterprise Loan FAQs
Who can apply?
- Business loans are available for participants enrolled in our partners’ small business programs, who have received free 1:1 credit education, and business technical assistance and are ready to start or expand small businesses.
- Applicants must have an ownership role in a for-profit business operating within the U.S.
- CEO offers one business loan per business; therefore, business partners cannot apply for multiple loans for the same business.
- SSN is not required to apply for the loan, ITIN holders can also apply.
Funds must be used for business expenses, including, but not limited to:
- Equipment, machinery, vehicles
- Inventory, supplies, raw materials
- Furniture, supplies
- Licensing and Permitting Fees, Insurance
- Legal and Professional Fees
- Website, software, and other technology
- Marketing and Branding materials
- Working Capital
Business types that are not eligible for CEO Business Loan:
- Personal or commercial real estate - no mortgage loans
- Firearms, ammunition, and weapons
- Alcohol, Liquor, and tobacco production, distribution, or businesses like bars where the main product served is alcohol.
- Restaurants with a liquor license to serve drinks with meals are eligible for loan financing.
- Illegal enterprises
- Gambling
- Adult entertainment
- NFTs and cryptocurrency
Available Locations:
Business loans are exclusively accessible to participants in our partners' Microenterprise Development Programs, available in seven states below:
Small Business Administration (SBA) Microloan: The SBA Microloan is only available for businesses located in San Diego County through our partner IRC SBDC in San Diego.
Non-SBA funds: CEO Non-SBA Business loan financing is also available in the following states through IRC offices and partners below:
- California Mosaic Small Business Center: Businesses located in California outside of San Diego County can access loans through our partner
- Atlanta, GA
- Des Moines, IA
- Phoenix, AZ
- Salt Lake City, UT
- Seattle, WA
- Wichita, KS
It is important to note that being eligible to apply for a loan is very different than being approved for a loan. The business counselor who provides credit education and business technical assistance will only help guide and prepare the loan application package. Your financial coach or business counselor is there to support you with preparing your application but will NOT be involved in making a decision on your application.
Please review the document entitled How CEO Makes Loan Decisions to familiarize yourself with the various factors that influence the approval process for a CEO loan.
How much will it cost?
The monthly payment amount will depend on the total loan amount, the number of months to repay, and the interest rate of your loan.
- Generally, the longer the repayment on a loan, the lower the monthly payments will be, but the total interest paid will be higher.
The table below offers examples of total costs and estimated monthly payments for various loan sizes and terms.
Example Loans:
| Loan Amount | Term to Repay | Est. Monthly Payment | Total Interest & Fees Paid** |
| $5,000 | 36 months | $151 | $420 |
| $20,000 | 72 months | $399 | $8,708 |
| $50,000 | 72 months | $997 | $21,769 |
** Total interest and fees paid include the 2% closing fee and assume the maximum interest rate.
What are the loan requirements?
- Loan applications exceeding $20,000 require approval from internal and external loan committees, resulting in extended processing time before a final determination is reached. The ELC comprises independent finance and business experts that volunteer their time in support of IRC and CEO.
- Co-signors and collateral may help strengthen an application.
- Some applications may require extra supporting documents to strengthen the application, especially the start-ups. Therefore, providing as much info as possible to the business counselor is beneficial for the application.
- CEO must be listed as the first lienholder on all financed vehicles (gig economy and trucking business loans) or offered collateral. This means CEO will be the legal owner of the vehicle, and it cannot be sold without our permission.
- Applicants relying on gig economy income (for instance, Uber, Lyft, DoorDash, etc.) must provide proof of three (3) months of consistent income in their applications to maximize chances of approval.
How do I apply?
- Contact your local office with Microenterprise Development Programs to complete a CEO Loan Application and meet with a Business Counselor. Here's a list of the items you'll need for the loan request:
- Share all the required documents with your business counselor. We highly recommend reviewing the documents together to identify the application's risks and strengths.
- Your business counselor will upload your application and attachments to CEO and let you know if we have any questions (loan decisions are usually made within four weeks of application).
- If approved, you will need to review and electronically sign the contract.
- If collateral is required for loan approval, you must relinquish your claim on the asset and provide the title or other official ownership document before the funds are disbursed.
- Funds are deposited directly into your bank account via electronic ACH and are available within one to three business days after signing the loan contract, depending on bank processing times.
- If the loan is to purchase a vehicle or truck, the Auto Loan Purchase process will apply:
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If approved, you can begin looking for a vehicle right away! Your approval is good for 60 days. Once you find a car you like, show the dealer your CEO Loan Approval email, and they are instructed to send us the Bill of Sale by email (preferred) or fax.
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If the vehicle meets our "Good Deal" standards, we will reply directly to the dealer to request their ACH information for loan disbursement.
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We will also share the CEO's lienholder information with the dealer, which will be added to the title. CEO must be listed as the first lienholder on all vehicles financed. This means CEO is the legal owner of the vehicle, and it cannot be sold without our permission. If the seller does not add CEO as the lienholder, it is the borrower's responsibility to do so.
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Once we receive the seller's ACH information, we can prepare the contract for your signature. Usually, this process will take 2 business days upon receiving the Bill of Sale.
- We will send you the loan contract to sign electronically. Once signed, we will send the funds
directly (by certified check or ACH transfer only) to the dealer, and you can contact the dealer to pick up your new car. - Funds sent via ACH are usually available within three (3) business days after signing the loan contract – most dealers are happy to let customers take possession of the vehicle immediately. However, some may want to wait until the bank fully processes the payment.
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Your local contact will be able to answer any additional questions you might have.
For California Residents
- 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
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