What kinds of loans are available?

  • Fast Track Loan: $5,000 – $25,000 – Need financial assistance in a hurry? Based largely on credit scores (minimum score of 600), the Fast Track Loan can be processed and funded within 3 business days with minimal application requirements, i.e., no financial statements, tax returns, etc. Management and technical assistance is also provided in conjunction with the loan.
  • Micro-Enterprise Loan: $5,000 to $50,000. For start-ups and businesses in the early stages of development that have not been able to obtain credit from conventional lenders.
  • Small Business Tandem Loans: $50,000 to $250,000. A Tandem Loan is designed to assist expanding businesses by bridging the gap between commercial bank financing and other funding sources. Depending upon the project size, matching bank financing may be required.

How can loan proceeds be used?

Loan proceeds can be used for a variety of business purposes including:

  • Working Capital
  • Business Acquisition
  • Equipment, Furniture and Fixtures
  • Land and Building

What are the loan terms, interest rates and fees?

  • Terms can range from 1 to 30 years depending upon the useful life of the asset being financed. Typical terms are 1-5 years for working capital, 3-10 years for equipment and up to 25 years for real estate.
  • Fixed, below-market rates (as low as 5%) are available. Interest rates are determined on a case-by-case basis.
  • Application fees are: $350 – Fast Track Loan, $75 – Micro-Enterprise Loan, and $250 – Tandem Loans. Micro and Tandem Loans will also incur a 1% origination fee and attorney fees for closing documents which typically may range from $400 – $650.