This is dependent upon how complete the application is and the time it takes to receive information requested by our team.  Once an application is reviewed, an email will be sent to the applicant at the email address provided on the loan application advising them if items are missing or clarification is needed.  If a response it not received, a follow-up email will be sent as time permits.  Applications are processed in the order a complete application package is received.  Incomplete or incorrect applications are placed back in the queue after the email is sent.  

Please allow a minimum of 2 - 4 weeks after an application and/or additional documents are submitted to receive the email noted above.

Once the loan documents have been executed, we will start the process to issue the loan check.  You must be registered as a supplier with the City before this process can begin.  The mailing address entered in the registration portal is where the loan check will be mailed.  This address must match the mailing address listed on the loan application which is also added to the loan documents.  Failure to register as a supplier will result in a delay of the loan check.  

Please allow 5-7 days for the funding process.

CORE Capital Loans are six-year (72 months) zero-interest loans with payments as follows:

• $25,000 loan:  71 payments of $347.22, and one payment of $347.38
• $50,000 loan:  71 payments of $694.44, and one payment of $694.76

You can pay online with your Customer Number and Invoice Number (which can be found on your invoice ) at:  Online Payment Portal

If you wish to make a cash payment, please follow this link, Cash Payment, and scroll to the bottom of the page.  There is a link to instructions, make a payment, and the verification form.

Loan payments begin within 60 calendar days from the effective date of the Commercial Loan Agreement and payments are due on the 1st of each month.

The effective date will always be the first of a month.  If a complete application is received and can be processed before the 15th of a month, the effective date will be the 1st of that same month. Loans processed after the 15th of the month will have an effective date of the 1st of the following month.   

Example:

• Loans processed before November 15th will have an effective date of November 1st and the first payment will be due on January 1st.
• Loans processed after November 15th will have an effective date of December 1st and a first payment date of February 1st. 

Late fees are charged as follows:

• More than 30 days late:  5% of monthly payment
• More than 60 days late:  10% of monthly payment
• More than 90 days late:  15% of monthly payment
• More than 120 late:  Loan is in default and is subject to the default provisions of the Commercial Loan Agreement