CODI FAQ’s

CODI FAQS

Question: What is a CODI business Incubator?

Answer: A CODI Incubator is a business rental unit with a program designed to accelerate the development of a small business through an array of business support resources and services developed and procured by COI Management offered both in the incubator and through CODI’s network of contacts. Successful completion of CODI’s business incubation program increases the likeliness that a start-up company will stay in business for the long term.

Question: What is the interest rate on Home Appliance Loans?

Answer: The interest rate on Home Appliance Loan Program (HALP) loans are Prime +3% Fixed. Fixed means that CODI locks in the loan at the rate for what prime is at when the loan is approved; therefore, if prime goes up once the loan is approved, the loan rate will not increase. However, if prime changes during the application process, then CODI’s base for establishing loan rates will be reflective of the current prime rate at the time of approval.

Question: How much money can I apply for with a Home Appliance Loan?

Answer: This depends on the individual and their need. CODI does not form a base amount at the time of application. Instead, CODI looks at what appliance(s) the individual needs and then establishes a maximum amount CODI can lend based on the individual’s financial situation and the average cost of the appliance(s).

Question: What is the interest rate on Small Business Loans?

Answer: Small Business (SB) loans can be as low as Prime + 2% fixed. For example, if prime is currently 5.00%, this means SB = 7.00%. Fixed means that CODI locks in the loan at the rate for what prime is at when the loan is approved; therefore, if prime goes up once the loan is approved, the loan rate will not increase. However, if prime changes during the application process, then CODI’s base for establishing loan rates will be reflective of the current prime rate at the time of approval.

Question: How much money can I apply for with a Small Business Loan?