Community Advantage Loan – FE Small Business
February 16, 2021
Community Advantage is an excellent loan choice for new and existing businesses that need between $20,000 and $250,000 in business capital. The loan can be used to start or expand your business. The SBA guarantees a portion of each loan. This allows FE to make loans that may not be available through banks. Applicants must show their ability to repay the full loan amount and meet other guidelines to be eligible for a Community Advantage loan.
FE is an authorized SBA 7a lender under the SBA Community Advantage Loan Program. We can make small business loans throughout California, Arizona and Nevada with our designation.
Watch This Video To See If You Qualify
ARVE Error: No attachment with that ID
Terms and Conditions:
• Maximum Loan Amount: $250,000
• Terms: 7-10 years for working capital, inventory, business acquisitions, tenant improvements, and start-up expenses
• Terms: 25 years for real estate
• Interest Rate: Prime + (2.75% to 6%), variable
• Credit: Must have a reasonable personal credit score and an acceptable explanation for any derogatory marks for principal borrowers.
• Capital Injection: Borrowers must inject 20% of total project costs for start-up businesses, 10% for business acquisition financing.
• Collateral: Borrowers are required to pledge available collateral. Insufficient collateral will not preclude borrower from obtaining financing.
• Secondary sources of repayment:
– Historical business cash flow sufficient to service requested debt
– Cash flow ability based on reasonable projections
– Collateral equal or close to the loan amount
– Outside income source
– Co-signer with reasonable credit and income to repay the loan
• Start-up businesses: Borrowers must inject 30% of total project costs and provide a business plan and financial projections for business.
• Experience: Business owners must have at least 2 years of experience in the industry and show historical earnings sufficient to cover personal living expenses.
For assistance and more information contact one of our Community Advantage experts in your area by clicking this link: https://cdcloans.com/contact/loan-experts/#sba-community-advantage-loan