Our Services
Founded in 2006, the International Institute Community Development Corporation (IICDC) is a certified CDFI that assists immigrants and refugees through development services and lending to start and/or strengthen businesses. Microenterprise loans range from $500 to $35,000. As of December 31, 2011, the IICDC has made 109 loans to 78 refugees and immigrants totaling $1,033,779 to start or further expand their businesses.
The purpose of the IICDC is to engage in economic development activities that will build secure and successful neighborhoods in St. Louis and the surrounding area where low-to-moderate income people, especially immigrants and refugees, live and work. In particular, the IICDC promotes business development and job development along with immigrant community participation. The IICDC is a subsidiary of the International Institute of Metropolitan St. Louis.
The IICDC also offers development services to low income entrepreneurs to help start, expand or strengthen a business and microloans to qualified applicants. The development services include a financial education series; help with record keeping, budgeting, accounting, marketing, and legal issues.
Loan Products
The Loan Products vary according to the source of funds. Each source has its own regulations regarding the interest rates, term, and the maximum amount of the loan. We currently offer:
- Business Loans to refugees up to $15,000 @ 6.25% for up to 3 years
- Business Loans to immigrants & refugees up to $35,000 @ 10% for up to 5 years
- Business Loans to low-income women up to $1,000 @ zero% interest for one year
- Credit Builder Loans up to $500 @ 10% for up to 1 year, but not less than 6 months
The first three Loan Products can be used to start, strengthen or expand a business. The Credit Builder Loan (new in 2012) can be used for any purpose, including paying off payday loans.
Business Loans
- May be used for working capital, inventory, supplies, furniture, fixtures, machinery, tools, equipment, building renovation, and/or leasehold improvements.
- Applicants must be at least 21 years of age
- Flexible credit history requirements
- Minimum 20% investment from the borrower is required
- $25 application fee and additional closing costs
