CEI launches ‘Wicked Fast Microloans’ for small businesses

Courtesy / Coastal Enterprises Inc. Coastal Enterprises Inc., located in Brunswick, has created a new microloan program to help small businesses that need capital quickly for a range of purposes.

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By Staff

Coastal Enterprises Inc. has created a new microloan product that’s intended to help small businesses that need capital quickly to address needs ranging from equipment breakdowns to scaling up operations in order to take advantage of unique opportunities.

The expedited microloan product — which CEI is calling “Wicked Fast Microloans” — is designed for existing and start-up small business owners, allowing eligible applicants to borrow up to $25,000. The funds can be used for a variety of uses, specifically working capital, equipment purchases or to refinance existing higher cost debt — but is not available for real estate purchases.

The approval timeline is extremely fast (hence the name): CEI stated in its news release announcing the new product that a decision on whether to lend is made within three business days and loans can close within 10 business days from application.

It described the paperwork as minimal, with a two-page application. Factors that CEI considers for loan approvals include credit scores and proof of working with a business advisor.

“There are a variety of situations where an entrepreneur needs capital for that one thing at just the right time that will take their business to the next level,” said CEI’s John Scribner who heads up the StartSmart program that works with immigrant small business owners. “The efficiency and quick decision-making with the Wicked Fast Loan are great pluses for clients. One of our borrowers, Adrian, is opening a catering business, Empanada Club, at Fork Food Lab. He needed capital quickly to take advantage of the summer festival season. This loan allowed him to have the working capital he needed to open and get his business off the ground, and not miss the busy summer season in Maine.”

There have been five Wicked Fast Microloan borrowers since CEI launched the product last month, each with a different situation that required fast financing.

Other scenarios that might warrant a quick loan, CEI said, could be equipment breakdowns and replacement or staffing up and purchasing more material to fill a large order.

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CEI Wicked Fast Microloan application