|
Micro-Loans
Also called Community Express Loans (Less than $50,000)
Serves the Following Communities (51% owned and controlled): Minorities; Women; Veterans; Low to Moderate Income Areas; Hub Zones; and other SBA designated areas.
| | Innovative Bank (1) | Borrego Springs Bank | Superior Financial Group (1) | Loan amount | $ 5000 up to $50,000 | $ 5000 up to $50,000 | SOHO: 5k, 7.5k, 10k, 12.5k
GROWTH: 15k, 20k, 25k (2) | Interest rate (3) | Prime 4.75%
Prime 3.25% (25.001-50k) | Prime 4.75%
Prime 3.25% (25.001-50k) | Prime 4.50% | Term | 7 years | 10 years | 7 years | Application Fee (4) | $475 | $425 | SOHO:$450; GROWTH:$550 |
Click here to find the current Wall Street Journal Prime Rate(1) Can ask to be considered for lower amount
(2) Must be in business for at least two years
(3) Add SBA Loan guarantee fee = 2% of the guaranteed portion (85%) of the loan
(4) If the loan is disapproved or cancelled, the check for the application fee will be voided but not returned
Documents need
Express Loan Application and forms
TA Action Plan – W/Borrower’s Signature for SCORE
Copy of Drivers License
A business acct check for the application fee
If not U.S. citizen; Copy of Green Card
Not eligible w/following Credit Problem
Not current on Credit Card Acct
Any unsatisfied judgments
Bankruptcy within past 2years
Federal/State/Local tax liens
Default on Gov loan/student loan
Felony conviction within 10yrs
Default on child support payments If you do not qualify for Community Express Loan, try Accion - Texas.
|
