A business line of credit of up to $50,000

It is a revolving line of credit of up to $50,000 for established small businesses with short-term needs. You use funds as needed within your approved limit, and as you repay, they are available again. We are a nonprofit Community Development Financial Institution (CDFI) and have lent to small business owners since 1991.

The interest rate is 9.99% to 15.99%. The fees are a $200 application fee, a 5% closing fee and an $80 UCC filing fee. They are included in the line and apply only if it is approved and disbursed, so there are no out-of-pocket costs while you apply.

Businesses registered and earning consistent revenue for at least 6 months, with a FICO score of 575 or higher (or no credit score at all) and no collections, charge-offs or past-due debt over $3,000. Any bankruptcy must have been discharged more than 12 months ago (more than 2 years ago for lines over $25,000), and no mortgage or rent payment can have been more than 30 days late in the last 12 months. You also need a referral from a local partner. Other requirements may apply.

A local partner, such as a Small Business Development Center (SBDC), a SCORE chapter, a bank or a community organization, helps you prepare a stronger application. Clients who take this step are typically better prepared for the loan process. When the application asks “How did you hear about us?”, write your partner’s name.

A line of credit is for short-term, non-capital needs you typically cover within 0–90 days, such as recurring operating expenses, seasonal cash flow, advance funding needs or emergencies. For equipment, other capital assets or renovations, a term loan is the better fit. Our Business Term Loan goes up to $100,000.

When you apply online, you get an automatic pre-qualification. If you pre-qualify, our team contacts you within 48 business hours to continue the process. Pre-qualifying is not a loan decision.

Contact your Loan Consultant rather than starting a new online application. If you don’t have their contact at hand, call our Loan Service Center at (866) 245-0783, option 3, or email [email protected].

We’ll give you the information you need to improve your business and financial situation, and you can typically reapply in three to six months. If your credit score is what stands in the way, the Get Ready Program has no minimum credit score and runs in 48 counties in New York, New Jersey, Massachusetts, Georgia and Florida.