SBA Community Express Loan Program Workshop
WHEN: Monday, September 28, 2009
WHERE: South Louisiana Community College, 320 Devalcourt Street, Lafayette, LA (Fine Arts Room 151A)
TIME: 6:00 PM to 8:00 PM
SBA Technical Assistance Providers will be available to assist you in applying for loans from $5,000 to $25,000.
Loan Specifications:
- No collateral required, no business plans or financial statements
- No tax returns, no prepayment penalties
- Typical 7 year term
- Interest rate Prime +4.5%
- 90% SBA Guarantee
- Application fee
- For existing businesses, startups and franchises
- Credit criteria: applicants credit score will be evaluated
Benefits of Community Express Loan:
- Fully amortized loan
- Establish business credit
- Simple application, fast turn-around time
In order to apply, you will need:
- Drivers license or official ID
- Federal Tax ID number
- Business Checkin account and business check is required
- Social Security Number
- All partners, principals and co-owners must apply together
Business owners not eligible for these loans include those with a criminal history, or anyone who has defaulted on any government loans, including student loans. Non-profit businesses ARE NOT eligible.
There is a $450 application fee (written on business account) plus on loans over $5,000 an SBA guarantee fee of 2% of the guaranteed portion of the loan deducted from proceeds, if funded. This is a Small Business Administration (SBA) guarantee loan program.
FOR MORE INFORMATION, ELERIA HUNTER & ASSOC. - 504-943-6668
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