A business term loan of up to $100,000

It is a business loan of up to $100,000 at 7.75% to 15.99%, repaid in predictable payments over up to 60 months, for investments in your business’s long-term stability and growth. We are a nonprofit Community Development Financial Institution (CDFI) and have lent to small business owners since 1991.

The interest rate is 7.75% to 15.99%. The fees are a $200 application fee, a 5% closing fee, a $30 direct deposit fee and an $80 UCC filing fee, plus, in Florida only, a state stamp tax of $0.35 per $100 borrowed. They are included in the loan and apply only if it is approved and disbursed, so there are no out-of-pocket costs while you apply.

Businesses in any state except Vermont that have been registered and earning consistent revenue for at least 6 months, with a FICO score of 575 or higher or no credit score at all. You need no collections, charge-offs or past-due debt over $3,000 (between $3,000 and $10,000, the Get Ready Program is built for that), any bankruptcy discharged more than 12 months ago, and no mortgage or rent payment more than 30 days late in the last 12 months. Newer businesses can qualify once they meet these requirements. 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.

Our loans are always personally guaranteed. We never take your home as collateral, but we may ask for a cosigner or for collateral such as a vehicle or a piece of equipment to strengthen your application.

When you submit the online application, 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: a lending team member then works with you one-on-one to assemble the strongest application possible.

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 past-due debt between $3,000 and $10,000 is what stands in the way, the Get Ready Program is built for that: it has no minimum credit score and runs in 48 counties in New York, New Jersey, Massachusetts, Georgia and Florida.