Small businesses are considered the heart of the American economy; accessible funds are necessary for business owners to keep their small businesses afloat.
Some traditional financing options from banks can be time-consuming and, in cases, disappointing. Unnecessary paperwork and strict credit requirements left business owners without the resources to keep growing and scaling their businesses.
The Loan Man is helping business owners by providing loans for small businesses to keep them on the road.
Covid-19 Loans To Support Small Businesses
Due to the worldwide pandemic, small businesses have been affected or had to close operations. Some businesses are still operating at the minimum capacity.
The Loan Man helps you get a loan through a program called EXPRESS Relief Funding Program. This assists businesses affected by the pandemic which have not applied for funds via the SBA Economic Injury Disaster Loan (EIDL).
Qualified businesses may receive up to $150,000 with this loan, net up to $120,000 after 20% fees are paid from proceeds. If you are interested in applying for it, here are the parameters.
Criteria
To meet the criteria for this loan, you need to be a business that has been established before 01/01/2020. The business must not have applied for the SBA Economic Disaster Relief, neither loan nor grant. The minimum credit score must be 570+, and this program is just available to For-Profit Businesses only.
Terms
This program has a fixed interest rate of 3.75%; there are no payments from 6 to 12 months, you get a 30-year amortization and a 20% Tax Deductible Processing Fee (payable at closing goes to CDFI)
Other Conditions
The use of the funds is to meet financial obligations and operating expenses that could have been met had the Covid-19 pandemic disaster not occurred. This is a not forgivable loan, and the business owner needs to be 30 years old to request it.
How To Proceed With The Loan Man
At the Loan Man, we have prepared a list of documents needed for your application:
- Articles of Organization / Incorporation -OR- DBA
- Proof of EIN (IRS Document -OR- Taxes)
- Voided
- Voided Business Check from the account where the funds will be deposited
- Photo ID (Driver’s License or Gov Issued ID)
- Credit Score Confirmation ($1.00 Trial to mySCOREiq)
- Website Presence Required (Website, LinkedIn, Facebook, etc., O.K.)
Empowering Small Businesses
The Loan Man is ready to facilitate the financial relief you require to keep your business afloat by providing loans for businesses. We have a team of experts who will help you with the process once you apply for it. We encourage you to apply and don’t let your business close.