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@Anonymous wrote:Busyone,I am a Business Development Specialist and Technical Assistant Provider certified by the SBA. There are several funding options available for small business owners. The SBA has a loan program that not too many people are aware of. This program is called the CommunityExpress SBA-guaranteed loan program. No collateral, business plan or financals are required. The loan is based on a 7-year payment plan and there are no penalties for prepayment. This program was introduced in 2001 as a Pilot loan program for small business owners.I am sure some may think this is too good to be true, however, this loan program was designed for business owners who do not meet the criteria of a traditional bank. The approval process is based on your Experian credit, business type, and your related industry experience.If you have been in business for less than 2 years you could apply for up to $25,000 -- even if you are a brand new start-up. If you've been in business longer than 2 years you could apply for up to $50,000. There are several components to the CommunityExpress program. This particular program that I've described above is referred to as the "SOHO Loan" (Small Office Home Office) program.There are pros and cons to applying for unsecured business loans. The interest rates for this program is as follows: $25,000 and lower = prime, plus 4.75%; over $25,000 = prime, plus 3.75%. In addition, there is a $475.00 application fee paid directly to the bank (Innovative Bank). The bank will not cash your application fee check unless the loan has been approved. In addition, the bank will not cash your check until they literally fund your loan. There are only 5-7 banks within the US that is licensed to participate in this program.Since the inception of the CommunityExpress loan program, business owners are required to work directly (e-mail, phone, in person) with a certified Technical Assistant provider. The Technical Assistant provider CAN NOT charge the small business owner for assisting in the preparation of the loan application.In 2007, my company (which consist of 2 certified Technical Assistant Providers) assisted small business owners obtain 1.5 million dollars in SOHO loans. The majority of these loans were $25,000 or less.Check www.innovativebank.com for more information on this program or www.tsbdg.com/sba.html.Good luck.
@Anonymous wrote:ByrdMan,In 90% of the cases, Experian scores above 600 are accepted under this program. Although the borrower can request up to $50,000, the bank determines the amount they are willing to lend. I've had clients with a 670 score request $25,000 and receive $20,000 of the requested amount, but I've had clients with a 640 score receive $20,000. Credit is not the only determining factor.The baddies: recent delinquencies; student loan defaults; delinquent in child support; open bankruptcy; currently on parole.If the bankruptcy is discharged, in most cases the loan will be funded provided the discharge papers are submitted with the loan.After 12 consecutive payments, the borrower may reapply for additional working capital, if needed.
3. OBTAIN AN EIN - Once you have incorporated your business you will need to obtain a Federal Employer Identification Number. You can file form SS-4 online at the Internal Revenue Service website.
Your SS# is required on this form, Will this in any way incoperate the credit files together?
@gdtobefree wrote:3. OBTAIN AN EIN - Once you have incorporated your business you will need to obtain a Federal Employer Identification Number. You can file form SS-4 online at the Internal Revenue Service website.
Your SS# is required on this form, Will this in any way incoperate the credit files together?