Small Business Loan Overview
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Loan Terms
- Term loans for up to 84 months; fixed interest rates: 7.5-9.5% as determined by underwriting system
- Loan amounts range from $5,000 to $250,000
- $5,000-$50,000: any business including start-ups
- $50,000-$100,000: existing businesses with minimum of 2 years in operation
- $100,000-$200,000: existing businesses with minimum of 3 years in operation
- Over $200,000: select existing businesses with minimum of 5 years in operation
- Average time to approval: 30-60 days after receiving complete application package
- Uses: gap financing, machinery & equipment, inventory, leasehold improvements, real estate, business debt refinance and working capital.
- Eligible businesses include: start-ups, retail, restaurants, manufacturing, transportation and more
Complete Loan Application Package includes
- Completed loan application
- $100 application fee
- Resume for owner(s) and management team
- Personal financial statement for owners and guarantors
- Tax returns for 3 years
- Business plan (if start-up company) or business plan summary (if in business for 12 months or more)
- Projected cash flow for 3 years
- Business financial statements
- Business and personal tax returns (for past 3 years, if applicable)
Other Fees
- Commitment Fee: $100 or 2% of loan, whichever is greater
- Applicable closing cost fees depending on loan type
