Float Loans

Float Loan Overview

APPLY

PathStone Enterprise Center, Inc. preliminary stipulations for float loan (subject to change at any time)

WHO: Existing businesses who provide goods and services on a contract basis

WHAT: Increase capacity to mobilize and bid on jobs

HOW: One lump sum upfront (less applicable fees) to cover payroll, materials and job related

machinery and equipment costs. There are 2 options for repayment

Repayment period up to 6 months or up to 12 months

Standard PECI interest rates apply

2% commitment fee shall be paid to lender from loan’s proceeds

  • Loans up to $50,000 based on percentage of contract amount and business experience
  • Uses: payroll, materials, job specific machinery and equipment
  • Pre-approval required. Pre-approval expires December 31 of each year. Businesses are encouraged to apply for renewal in January or as soon as possible.
  • After repayment, borrower may draw additional loan funds during calendar year without submitting a new application.

Pre-approval Package and Disbursement Requirements include

  • Completed application and $100 non-refundable fee
  • Personal financial statement
  • Proof of work: contracts, letter of understanding
  • Completed projects report plus work-in-progress schedule for construction contractors
  • 3 years of personal tax returns
  • 3 years of business tax returns and financial statements if applicable
  • Insurance: commercial work policy (NOT handyman), Worker’s comp, liability

Credit Score: No minimum credit score required.

Other Fees: Attorney closing cost fees plus expenses if applicable.

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