Product
- Loans from $2,000 to $35,000 for working capital or up to $50K for fixed expenses
- Interest rate is 8% to 12%
- $250 application fee (exceptions apply); 2% to 3% closing fee
- Terms up to 60 months, may have interest only period
Eligibility
- Business can either be a start up or existing business
- Must show some proof of present income (Bank Statement, Pay Stub, Receipts, Card Payments)
- Business must be located in the counties of Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Wayne, Wyoming, Yates, Allegany, Cattaraugus, Chautauqua, Erie, Niagara
- Loan proceeds can be used for equipment, real estate acquisition and development, working capital, inventory, and refinance
Application requirements for products generally include:
- Minimum 600 credit score
- Document requests at minimum include:
- Interim YTD financial statements for 2020
- Financial projections (depending on loan program)
- Legal formation documents including by-laws / operating agreements
- Business bank statements
- Personal financial statements and tax returns for individual with 20% or more ownership in the business
Small Business Solution 