Eligibility Requirements
Loan Size
• $50,000 to $1,000,000
Years in Business
• Existing business operating for a minimum of 24 months
Loan Terms
• Up to 5 years
Amortization
• Up to 20 years dependent on risk and collateral
Interest Rate
• Fixed
• Rates as low as 8.5%
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
• All third Party Fees (i.e. Appraisal, Title, Legal, Filing, etc.)
• Origination Fee
Guarantee
• Unlimited personal guaranty of principal owners of 20% or more ownership
• Unlimited guaranty of an affiliate business
Eligible Uses
• Inventory or supplies
• Furniture or fixtures
• Machinery or equipment
• Real estate
• Acquisition
• Refinance
• Real estate purchase
• Business Acquisition
• Business Debt Refinance
Ineligible Uses
• Down payments/Deposits
• Delinquent taxes (payroll or income)
Community Impact Requirements
• Create or retain Jobs
Terms & Conditions
• No Pre-Payment Fee
• Collateral Required
*Information subject to change without notice. All terms and conditions finalized at approval.