|
SOHO Loans (Small Office/Home Office Loans)
EEC provides small business loans from $5k to $50k. These loans are backed by the U.S. Small Business Administration (SBA) through Innovative Bank's Community Express Loans (85% SBA Guaranty) and Express Loans (50% SBA Guaranty) Initiatives.
Community Express Loans combine financial and technical assistance to enable minority, women, veteran owned businesses and other businesses in low to moderate income areas (including home-based business owner’s) access to business loans instead of consumer loans. Participants will receive training on completing a loan application during Loan Training Sessions. Express Loans are for all other businesses.
Terms:
-
7 Year Term - No Prepayment Penalty
-
Interest Rates
-
NO COLLATERAL, NO BUSINESS PLAN, NO FINANCIALS NEEDED
-
$475 Processing Fee + 1% of Loan (Paid when the loan is funded.)
-
Loan payments are due the 1st of the following month after funding.
-
VETERANS can defer their first month's payment for 90 days with no interest added.
Qualifiers:
-
Business/Industry Type
-
Length of Time in Business
-
Average or Estimated Monthly Sales
-
Must Have a Business Checking Account
-
Length of Home Ownership or Rental Home
(Shows stability - no collateral needed)
-
ALL PERSONAL DEBT MUST BE CURRENT.
(Rent, Mortgage, Credit Cards, Student Loans, Medical Bills, etc.)
- Decisions are not based entirely on your credit score. We provide credit coaching if necessary. You can get a copy of your credit report at www.annualcreditreport.com.
Disqualifiers:
-
 Any Unpaid Judgments -
Non-Profit Organizations
-
Cannot have a Criminal Record
-
Unpaid Federal or State Tax Liens
-
Assisted Living (based from a home)
-
Multi-Level Marketing: (i.e. Mary Kay, Herbal Life, etc.)
-
Adult Oriented Businesses (Clubs, Websites, Bookstores)
-
Any business that earns 30% or more of its revenue from gaming
-
Speculative Real Estate (Buying homes to fix them up and resell.)
|
