Small Business Loans
- What types of loans does The Loan Fund offer?
The Loan Fund offers loans for:
o Small businesses
o Start up businesses
o Business Lines of Credit
| We DO finance: |
We DON'T finance: |
| Equipment |
Liquor, weapons |
| Inventory |
Consumer loans |
| Building renovations |
Recent bankruptcies |
| Operating capital |
No collateral |
| Business expansions |
|
Owners of established businesses and individuals who want to start their own business.
You may qualify if you:
o Have a reasonable credit history
o Can demonstrate your ability to repay the loan
o Can offer acceptable collateral
- Does The Loan Fund offer grants to small businesses or start-up businesses?
o We do not offer grants; all our loans must be repaid.
- What are the typical loan terms, interest rates, and repayment plans?
The Loan Fund offers flexible payment schedules, and we review each loan application on a case-by-case basis.
Our typical loan rates and terms are:
o Interest rates: 7-10%
o Amount: $5,000-$500,000. Higher dollar amounts available on case-by-case basis.
o Terms: 1 to 10 years for most; 15 years for real estate-based loans.
o Fees: $350 for loans up to $25,000, 1% of loan amount for loans over $25,000.
o To talk with one of our loan officers, call us at (505) 243-3196 or fill out our Loan Inquiry Form.
o Process:
§ Gather and submit the appropriate documents- financials, business plan, etc.
§ Underwriting
§ Loan closing
- How long does it take to get a loan?
o The length of the loan process varies based on when your loan officer receives the appropriate documentation. Typically, it takes three to four weeks to close the loan once all information is received.
- What if I want to pay more than my monthly payment? Pay off my loan early?
o There is no penalty for either.
- I don’t think The Loan Fund is right for me. Where else can I go?