Monica Guerrero, Elegance Beauty Salon, Boston MA >
Business Term Loan
Small business loans and microloans are offered up to $50,000. Interest rates currently range from 6.00% – 9.99%*. Qualified businesses will be located nationwide, except in Vermont and California.
Ascendus looks at the whole picture when deciding to lend, rather than focusing solely on credit, making us more flexible than other lenders. That said, not everyone is ready to take out financing for their business.
*Interest rates and maximum loan amounts vary by state.
requirements for a Small Business Loan:
- Business has been generating consistent revenue for at least 6 months
- FICO score of 575 or higher. In some cases a cosigner to add strength to your application is required
- No (0) or very new credit
- No more than $3,000 in unpaid / past due debt
- Any bankruptcy must be discharged for more than 1 year
- Any foreclosure must be complete for more than 2 years
what can you use the loan for?
These loans can be used for working capital, to purchase inventory, for equipment and other hard assets, for short-term business training, for promotions and advertising, to retire existing business debt, or for the purchase of an existing business.
- Purchasing inventory
- Buying or leasing equipment
- Professional expenses
- Hiring employees
- Financing any of the many expenses involved with being an entrepreneur
In addition to the loan, being a non-profit lender we also provide training and education. If you’re in need of financing to start your business, contact us or apply online.
I started off with a food truck. Now I have two restaurants and another on the way. All because Ascendus gave me that first loan.
Because of Ascendus we were able to continue operations. Ascendus gave us an affordable interest rate, allowed us to offer competitive pay packages, and overall, helped us grow our business.
Ascendus gave me resources, helped me build credit, and helped me prove that I could pay back a loan.
