Economic Development
Small Business Development Contact: Mary Ann Cole, Finance Officer (727) 442-4155 ext. 18
Introduction: Clearwater Neighborhood Housing Services, Incorporated (CNHS) is a private non-profit commercial lending institution. In addition to commercial financing, CNHS is committed to promoting economic development. CNHS provides financing to qualified start-up and existing small businesses in Pinellas County.
Community Impact: Clearwater Neighborhood Housing Services, Inc. has been providing economic development loan assistance since 1983 in partnership with the City of Clearwater. In addition, CNHS has been a micro lender as a Small Business Administration (SBA) Intermediary in Pinellas County since 1999. During that time, CNHS closed 96 start-up business loans. Forty-two of those loans were funded by the City of Clearwater totaling $697,000.00. The remaining 54 loans were funded by the SBA program totaling $1,079,764.00. The loans funded ranged from $1,000.00 to $35,000.00 with the average loan amount at approximately $15,000.00
Business Capital for Entrepreneurs: The goal of CNHS is to expand the small business lending structure in Pinellas County. CNHS provides micro business loans to entrepreneurs, start-up, and existing small businesses, especially those in low and moderate income areas. CNHS provides assistance to businesses in securing small business loans when conventional financing is not available. This enables small businesses to create new jobs and economic development necessary to help sustain their communities.
CNHS provides access to capital and technical/management assistance to entrepreneurs and small business owners through its Micro-Loan Program.
In order to learn more about these services, call and make an appointment to discuss your particular loan needs. A CNHS representative will provide you with assistance in filling out your application. Upon completion of the application, the loan request will be reviewed and processed to the CNHS Loan Committee for approval. You will then be notified of the committee’s decision.
PRODUCTS & SERVICES 1. MicroLoan 2. CommunityExpress Pilot Loan Program 3. Technical Assistance
1. MicroLoan Program Facts Under the MicroLoan Program, the Small Business Administration (SBA) makes funds available to Clearwater Neighborhood Housing Services, Inc. (CNHS), which acts as an intermediary lender. CNHS utilizes these funds to make loans of up to $10,000 to new and existing small businesses. In addition, the CNHS will provide management and technical assistance designed to help ensure entrepreneurial success and accelerate small business growth in the local community.
Use of Funds MicroLoan funds may be used for working capital or to purchase inventory, supplies, furniture, fixtures, machinery and/or equipment. These funds may not be used to purchase real estate, to provide a down payment on a project in excess of $10,000 in value, or with limited exceptions, to refinance existing debts. (Funding is currently unavailable for this program.)
Maturity (Life of the Loan) The maximum term allowed for a loan is five years. However, loan terms may vary according to the size of the loan, the planned use of the funds, the requirements of the intermediary lender, and the needs of the small business borrower.
Qualification Criteria MicroLoan applicants must meet the credit requirements of Clearwater Neighborhood Housing Services, Inc.. Generally, however, applicants will be expected to demonstrate good character, a strong commitment to their business idea, and a credit history that demonstrates reasonable assurance that the loan will be repaid. In addition, applicants should have some management expertise or be willing to participate in training designed to strengthen management skills.
Collateral • Business equipment and supplies • Real/personal property • Other assets
2. CommunityExpress Pilot Loan Program: The CommunityExpress program primarily targets to New Markets small businesses. The program is offered through hundreds of selected SBA lenders located throughout the nation. Under CommunityExpress, approved lenders are allowed to use streamlined and expedited loan review and approval procedures to process SBA guaranteed loans. These lenders may thus use, to the maximum extent possible, their own loan analyses, loan procedures, and loan documentation to process SBA loans to $50,000. (Funding is currently unavailable for this program.)
3. Technical Assistance & Additional Resources • Technical Assistance is provided on a one-on-one basis by John Maloney, Business Development Manager. • The Service Corps of Retired Executives Association (SCORE) is also an excellent provider of T/A especially with the preparation of business plans. • The U.S. Small Business Administration provides workshop training courses offered at the St. Petersburg Business Association. • Technical Assistance is also offered by Clearwater Regional Chamber of Commerce, Cleveland Street, Clearwater, Florida. In addition, some colleges in the Tampa Bay area offer T/A.