SBA Loan Financing Program
-Loan Amount: 70-80% (Standard) 90% For Working Capital
- Loan Term: 7 - 10 years
-Collateral: None (on W/C Loan)
-Closing Cost: Est. 3 - 6% (can be financed)
-Interest Rates: 2 3/4% over Prime
Credit Standards:
-Must have good credit (650 FICO and above)
-Equity must come from non-borrowed funds (401k funds are OK)
-Personal net worth must be near loan amount requested
-General management experience is needed
-Must have approved cash flow of personal living expense
-Some outside income may be required
Procedures / Time Table:
-Have candidate call our office for a review
-We will send follow-up email to Franchisor
-Candidate must complete an application, and return to Franchise Finance Credit Dept.
-Once received, pre-approval will be issued within within one (1) week
-Final funding generally is completed within 4 - 6 weeks
Step 1:Download Highlight letter. Step 2:Download SBA Pre-Screen Application, once you have filled that out and been pre-approved, you will be direct to Download Standard SBA Application