Credit:

Minimum 680 FICO (with 700 preferred)

LTC:

4 month to15 month repayment (rare situations as long as 24 months)

Loan Size:

250k-5M

Time in Business:

Start-ups possible

Lending Criteria:

No BK, Liens or Foreclosures

Interest Rate Varies:

Typically 5%-6%

Owners Experience:

3years in Industry as a Business Owner preferred, if no experience than very strong credit, balance sheet and resume may be considered

Lending Territory:

15 minimum or is CC based at least 10 batches per month showing 15 transactions of $500 average or 50+ with no minimum

Special:

Loan approval is around 45-60 days. Can finance start ups, but borrowers must have experience in the business and prove this through resumes. Very strict lending criteria; there is no room to bend on this program. The proceeds may be used for business acquisitions, equipment, working capital & tenant improvements are some examples. All principles of business with a greater than 20% ownership must all meet the criteria of the loan.

Docs Needed:

For initial review: A summary that includes use of proceeds and estimated costs.

Docs needed for underwriting:

• 3 years Taxes both Personal and Business (also for any affiliate entities in which a principal holds a 20% or more ownership)
• K1 statements for last 3 years
• Current YTD Interim financials P&L and Balance Sheet for all
• SBA Personal Financial Statements for each principal owner
• Resumes for each Owner
• Business Overview and History
• Explanation of why loan is needed and why it will help the economy