LAUNCH FUND
$5K - $25K
Start-up, newly established business less than 18 months in operation
INTEREST RATE
4 point below WSJ Prime or 4.5%
FEES
$150 application fee and 3% origination fee
TERM
1 – 3 years
PRE-PAYMENT PENALTY
NONE
COLLATERAL
UCC lien on business assets
PERSONAL GUARANTEES
Must be provided by individual with 20% or more ownership
HOW THE LOAN IS EVALUATED
The project must be financially feasible and have a well-thought-out business plan business. Three-year financial projections required.
LOAN PURPOSE
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Working capital, inventory
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Machinery, equipment, furniture, fixtures
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Supplies, leasehold improvements, and minor building renovations
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Mobilization dollars to execute on contract
