Is there an application fee?
Our time is provided free of charge. When a loan is advanced a $500 fee is charged to cover administration costs such as registering security and bookkeeping review.
What collateral security is required?
The security requirements vary with the amount of the loan. We require a general security agreement covering the assets of the business and a personal guarantee.
Is a down payment required?
You are required to provide a minimum of 10% equity for capital purchases, leasehold improvements, and working capital.
How much interest do you charge?
The interest rate is determined by the Board of Directors and may fluctuate with economic conditions and the prime rate at the time of loan application.
What term and amortization do you offer?
The term of the loan can be up to a maximum of 10 years and the amortization period shall be a maximum of 10 years.
What is the minimum amount a business can borrow?
There is no minimum amount that you can borrow.
How much can my business borrow?
Each business can borrow to a maximum of $250,000.