Get access to affordable capital.
A business simply needs a capital increase to repair or purchase equipment, start a new product line, expand its staff or fleet, or adapt to the current unique business environment. Fill out the form to begin the process.
Loan Size
• $500 up to $50,000
Years in Business
• Start-ups & Existing Businesses
Loan Terms
• Up to 5 years
Amortization
• Fully Amortize
Interest Rate
• Fixed
• Comparable Interest Rates
Collateral
• Security interest in business assets
• Equipment
• Real Estate
• Vehicles
• Other Personal Property
Minimum Injection
• 10 to 20 percent
Loan Fees
• Credit Report Fee
• Application Fee
• Third-Party Fees (i.e. Appraisal, Title, Legal, Filing, etc.)
• Origination Fee
Guarantee
• Unlimited personal guaranty of principal owners
• Unlimited guaranty of an affiliate business
Eligible Uses
• Working capital
• Inventory or supplies
• Furniture or fixtures
• Machinery or equipment
• Business Debt Refinance
Not Eligible Uses
• Real estate purchase
• Delinquent taxes payments
• Down payments / deposits
Community Impact Requirements
• Create or retain Jobs
Terms & Conditions
• No Pre-Payment Fee
• Collateral required
*Information subject to change without notice
(Up tp $50,000)
What are Microloans?
Micro Loans have been a big factor in helping to support business owners by offering smaller dollar amount loans. They can help get by in situations of business distress or to allow for growth into new products and services.
Prestamos provides microloans up to $50,000 at a comparable interest rate and they usually have a 5-year payback term. Smaller loans such as these can be difficult to get from traditional lenders because they take nearly the same amount of effort to manage but have a significantly lower profit margin for the lending institution. Prestamos avails a Micro Loan Program to the community because we see its potential to elevate business ownership and build wealth in targeted communities.
A micro-loan can be the difference in success or failure for a small business owner when the funds are invested in a smart way. They can even help prepare an entrepreneur to borrow larger amounts in the future to expand their business by building a strong credit profile.
Prestamos MicroLoan Program
The Prestamos MicroLoan Program helps business owners to obtain access to the capital they require to start, sustain, and grow their businesses. The loans are usually used for buying inventory and supplies, or as working capital, or getting machinery and equipment for service and product line expansion. There can be limitations on the use of the funds, depending on how the loan is structured. This is best discussed on a case by case basis with one of our loan officers.
One of the great things about the MicroLoan Program is that it provides access to a team of business consultants who can help advise you in many areas of your business such as general business activities, financial processes, marketing, websites, and online branding. Working with the Business Consulting team can support your marketing efforts and getting your business planning mapped out in order to best help you to succeed.
Your Business and Microloans
A microloan can help businesses without past (or a poor) business credit or if there is another reason why a traditional loan is not a current option. If your business needs new inventory, or you need to purchase new equipment, or just need some extra working capital a microloan is the way of accomplishing that.
Even if your business is booming, there may be some reason it is not qualified by a traditional lender for a loan. Here are some of the reasons that you might run into:
Not only are microloans less affected by these, but they typically have a faster application and awarding process than a traditional business loan. It is possible a business may be able to qualify for a microloan, even if they have no business credit score.
If you have run into any of the issues above, reach out to our team to discuss your loan options. Just click on the “Apply Now” button.
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