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To determine your business’s average monthly revenue for an estimate of potential loan size, the lender may use the following:
If there is a change in the Wall Street Journal Prime Rate, the interest rate on loans offered under this program after such change may increase or decrease, but any change would not affect loans already approved. Any updates to the rate will be communicated through this website.
Loan amount | $100,000 | $50,000 | $20,000 | |
---|---|---|---|---|
1-12 months | $354.17 | $177.08 | $70.83 | interest only |
13-60 months | $2,269.11 | $1,134.55 | $453.82 | interest + principal |
*Example assumes a fixed interest rate of 4.25%. Simple interest will be charged on the loan. For months 1-12, monthly interest-only payments are required. For months 13-60; principal and interest monthly payments are required based on a straight-line amortization over 48 months and assuming full repayment at 60 months. Final payment may differ. Payments are estimates for illustrative purposes only.
Loan amount | $100,000 | $50,000 | $20,000 | |
---|---|---|---|---|
1-12 months | $354.17 | $177.08 | $70.83 | interest only |
13-36 months | $4,353.63 | $2,176.81 | $870.73 | interest + principal |
Proceeds may not be used for refinancing a loan from another community lender but may be used refinance high-cost debt.
You will be required to detail the proposed use of loan proceeds when you apply.
Please note: This program requires a blanket first or second lien on business assets to be filed by the community lender and any owners with more than 20% ownership must sign a personal guarantee.
If you receive a loan, you may prepay the loan, in whole or in part, at any time without penalty.