IMPACT FUND
$50K - $100K
Established or growing businesses generating
revenue 3+ years
INTEREST RATE
FEES
TERM
PRE-PAYMENT PENALTY
COLLATERAL
PERSONAL GUARANTEES
HOW THE LOAN IS EVALUATED
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
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Refinance predatory debt
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Commercial Real Estate
ADDITIONAL REQUIREMENTS
A minimum credit score of 620; however higher score is desirable
No bankruptcies or repossessions in the last 3 years
Current payroll taxes and federal income taxes
LOANS REQUESTS ABOVE $100,000 WILL BE CONSIDERED ON A CASE-BY-CASE BASIS. MAX LOAN $250,000
Business Loan Application Checklist
Business Loan Application Checklist
The following checklist is provided to assist with the process of gathering basic information related to a loan request. Additional items may be required as the loan request moves through our review and underwriting process.
Business Plan
Sources & Uses
3-year Financial Projections
Business Collateral
Business Debt Schedule
Business Proforma Statement
Business Tax Return (1 to 3 years)
Business Bank Statements (3 months)
Articles of Incorporation
Operating Agreement or Bylaws
Personal Credit Authorization & Credit Report
Other
If you have any comments, questions, or concerns, please contact your Loan officer.
Frequently Asked Questions
Frequently Asked Questions
What information do I need to submit my application?
Business Plan
Sources & Uses
3-year Financial Projections
Business Collateral
Business Debt Schedule
Business Proforma Statement
Business Tax Return (1 to 3 years)
Business Bank Statements (3 months)
Articles of Incorporation
Operating Agreement or Bylaws
Personal Credit Authorization & Credit Report
Statement of Personal History
Personal Financial Statement
Personal Debt Schedule
Personal Tax Return (1 to 3 years)
Personal Bank Statements (3 months)
How long does the loan application process take?
Loan approval may take up to 45 business days, and closing and funding may take up to 60 business days. These timeframes can vary based on the loan type and the speed of receiving necessary documents.
What interest rate should I expect on my loan?
Interest rates vary based on each loan and its associated risk. However, we have committed to not exceeding 10% in interest, with rates as low as 4.5%.
What loan terms do you offer?
12 to 72 months, with a maximum amortization of up to 30 years for commercial real estate purchases.
What is the maximum loan amount?
Our loan amounts range from $5,000 and up to $250,000. We also work with partner agencies that will lend up to $4,000,000.
Do you lend to start-up businesses?
Yes, we lend up to $25,000 to start up. We will need a well-thought-out business plan and 3 years of financial projections. Along with personal financial information.
Do you require a personal guarantee on the loan?
Yes, we require a personal guarantee on all term loans and lines of credit.
Is collateral required?
Yes, we have several collateral requirements. We may require one or all collateral positions depending on the loan risk. The collateral pledge goes as follows: UCC Lien on business assets, Key Personnel Life Insurance, and Real Estate.
Do you have a target credit score?
We assess clients' overall financial credibility, including credit scores. While there’s no specific target score, we can approve loans for clients with scores as low as 580.
How do I start the loan process?
- Prepare and gather all the required documentation and complete your one-on-one counseling session.
- Once a loan o icer has reviewed the eligibility documentation, the loan application link will be sent to complete in its entirety.
Are there any pre-payment penalties?
There are no pre-payment penalties for all our loans.
What types of businesses are ineligible?
- Investment Companies: Loans solely for speculation in commodities, occurrences, real estate, securities, etc.
- Character: Loans to applicants of known ill-repute and questionable integrity regardless of security o ered.
- Loans outside of our market: We only provide loans to businesses located & operating in Palm Beach County and the Treasure Coast.
- Gambling
- Adult Entertainment: Loans to businesses that present live performances of a prurient sexual nature.
- Bankruptcy: Loans to businesses with principals who have filed for bankruptcy within the past 3 years.
- Non-Profits: Loans to non-profit businesses
- Multi-Level Marketing or Pyramid Selling Businesses
- Defaulted Government Loans: Loans to businesses that have previously defaulted on a federal loan or federally assisted loans resulting in the Federal government sustaining a loss.
