Approval Amounts: Up to $5 million
Term: 10 to 25 years
Rates: Prime + 1% – 2.75%
Credit Requirements: Personal credit score 650+
Details:
Time in business – 2 years or greater
Showing some profits on business tax returns for 2 years (no losses)
No defaults on federal loan (VA, FHA or student loan)
Funding process 4 to 8 weeks
Can be used for working capital or real estate purchase
Acquisition Financing: 3 years of financials from the current business owner, 3 years personal tax returns, Business debt schedule, 15-20% down
Standard Submission Requirements: Application, Business Tax Returns, Personal Tax Returns, Personal Financial Statement, Business Bank Statements, Financial from Business Owner
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