Digital Accelerator Business Loans

Any individuals engaged with IRC's related business development programs.

• A start-up or an existing business that has participated in Business Technical Assistance and Credit Education provided by an IRC business counselor is qualified to apply for a loan.
• New borrowers must undergo standard underwriting procedures.
• Existing borrowers undergo a simplified underwriting process and can get expedited approval if they have a larger CEO business loan and have been making regular payments for at least 3 months or have previously paid off a CEO Business Loan without any outstanding payments.

It is important to note that eligibility to apply for a loan differs greatly from approval. 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.

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.

• Applicants must have an ownership role in a for-profit business in the U.S.
• The CEO has implemented a policy restricting each business to only one business loan. If an individual applies for a second loan, their initial loan will be consolidated with the second loan into a unified contract with the same interest rate. However, this rule does not apply to Digital Accelerator Loan. The CEO allows a new or existing business borrower to obtain the Digital Accelerator Business Loan in conjunction with another business loan from the CEO.
• The Digital Accelerator Business Loan differs from the CEO's business loan under $5,000. As a result of this exception, both the Digital Accelerator Business Loan and a Business Loan under $5,000 will be available to the same borrower.
• Loan funds can be used to cover expenses associated with digitizing and expanding businesses, including:
  • Software purchase: Any software that will enhance the operational efficiency of the business, such as accounting software, insurance claim management software, and online order management software.
  • Hardware purchase: Acquisition of computer systems, cameras, and phones specifically intended for business use.
  • Online Sales: Investment in website development and subscription to e-commerce portals to facilitate online sales.
  • Digital Marketing: Allocating resources towards social media advertising, search engine optimization (SEO), and other relevant digital marketing strategies if they prove advantageous for the business.
  • Digital Payment: Procurement of equipment and tools necessary to accept digital payments, including payment processors.
  • Online presence: Payment to third-party service providers such as photographers and food delivery platforms to establish and maintain a prominent online presence.
  • All other use cases will be reviewed individually during the underwriting process.

1. Contact your local office with Microenterprise Development Programs to complete a CEO Loan Application and meet with a Business Counselor. Please review the required documents in Business (Microenterprise) Loans
2. 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).
3. If approved, you will need to review and electronically sign the contract.
4. 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.
5. 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.

Your local contact will be able to answer any additional questions you might have.