Chautauqua Opportunities for Development, Inc
Products Offered by CODI
Micro Business Loans: CODI’s newest installment loan product features loan amounts between $500 to $5,000, less paper work, quicker approvals and the option of being either secured with collateral or unsecured (no collateral). Loan terms are from 6 to 48 months with rates being Prime + 3% secured or Prime + 6% unsecured. These loans are available for both start-up and expansion business purposes such as working capital, equipment, inventory and marketing.
Term Loans: A term loan ranges from $1,000 to $50,000 based on the need of the business. Both Start-Up Businesses and Expansion Businesses can take advantage of these loans. They can be used for any business need such as the purchase of machinery & equipment, furniture & fixtures, marketing, advertising, real estate, inventory and more. Rates for term loans can be as low as the U.S. (Fed) Prime Rate (at time of closing) plus a margin of 2.00% fixed for the term of the loan.
Line of Credit Loans: These types of loans are based on the short-term needs of the business (usually 6-12 months). Whether for payroll during times of growth or uneven cash flow due to the seasonality of your business, a line of credit can sometimes be more useful to a business than a term loan.
Home Appliance Loan Program: The mission of CODIs Home Appliance Loan Program is to make reliable home appliances available for low to moderate income individuals in Chautauqua County at a reasonable interest rate. Refrigerators, freezers, ranges, washers & dryers are all eligible appliances for the program. Acceptance into the program is based on a combination of factors, including the ability of the applicant to repay the loan, the availability of cash flow on a monthly basis, and a desire to establish good credit.
Credit Saving Loan Program: This program helps individuals with little or no credit establish a credit file on their own. Typical loan amounts range from $250 – $1,000. Applicants will provide their own money to be placed on deposit with CODI. This deposit acts as collateral for a loan which will be paid back monthly over time by the applicant. All payments are reported to credit reporting agencies with the expectation of establishing a history of timely payments and thus establishing credit. When the loan is paid off, the deposited amount is returned to the applicant.