Frequently asked questions for small business loans.

  • First, review our eligibility requirements here.

    Then, complete our questionnaire, and a staff member will be in touch to follow up and begin the application process.

  • Click here to see the list of documents that will be requested.

  • Unfortunately, CILC requires that all owners are Alaska residents.

  • Loan sizes depend on the purpose of the loan and the needs of the applicant. CILC is considered a micro-lender, with an average loan size of about $50,000. Larger loans up to $250,000 are considered on a case-by-case basis.

  • Interest Rate and length of loans vary with every applicant. Our lending staff will work with the customer to find the right fit for their project.

    CILC has a higher risk tolerance which is reflected in our interest rates. Our rates are up to 1% above current SBA 7a interest rates.

  • CILC charges a 1% loan origination fee.

  • CILC does not require a down payment. However, we do ask the borrower to contribute 10% “equity” of the total project costs. For example, if you applied for $10,000, we would ask you to contribute $1,000 of your own money to your project and we would loan $9,000.

  • Micro-loans under $50,000 generally take 30 days to approve. Loans over $50,000 generally take 60 days for approval.

    This timeframe is from the time the applicant provides CILC with the final required documents.

  • Yes, it does. Any open collections, past-due child support, and/or IRS debt affect eligibility for CILC loans. However, if you start a payment plan with the collecting agency and can demonstrate six months of consecutive, on-time payments, you may be eligible. Reach out to our staff to talk about your specific situation to determine eligibility.

  • Maybe! CILC does lend to start-up businesses. However, all required licenses, permits, etc., must be in place at the time of the application. A detailed business plan with 3-years of financial projections is very important for start-up businesses. If you need any help, reach out to a free local resource.

  • Our staff is here to assist you with your individual borrowing needs. Please email us today at business@cookinletlending.com!