How does an HBDi loan differ from a bank loan?

As a nonprofit corporation, HBDi lending activities are subsidized with government funding. As a result, we are able to offer below market rates of interest that are fixed over the life of the loan. HBDi also offers very flexible terms (e.g., collateral coverage, loan to value, amortization, etc.) and credit terms that typically are not [...]

What are the fees associated with getting a loan?

Fees consist of an application fee of $75 for Micro-Enterprise loans, $200 for Small Business loans, and a 1% origination fee respectively. Fast Track loans require a $350.00 fee, which is refundable if the loan is not approved. Micro-enterprise and Small Business loans will incur legal fees and closing costs, which may range from $350 [...]

How long does it take to receive funding?

From the date of application to actual funding, if a loan application is thorough and complete, the process can take from 7-20 days for  Small Business loans. Fast Track loans are processed within three (3) business days.

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