SBA ILP Fund
Organized for profit;
“Small” under the 7(a) business loan size requirements; OR,
Has a Tangible Net Worth of LESS THAN $15,000,000; and,
Has LESS THAN $5,000,000 in Net Income after Federal Income Taxes for last 2 years.
Startup, newly established, or growing small business;
Unable to borrow requested funds at reasonable terms elsewhere;
Creditworthy and demonstrates reasonable assurance of repayment.
Maximum Loan Amount: $200,000 to a Borrower.
Collateral: Business Assets, real and personal,
Mortgages, commercial and personal,
Personal Guaranties and
Assignments of: Life Insurance, Stock and Leases.
Term: Negotiable based upon cash flow of business or life expectancy of assets financed (typically 10 years or less), not to exceed twenty-five (25) years.
Interest Rate: Loans of $50,000 or less – 8.75%;
Loans of $50,000 or more – 7.0%
Eligible Activities: Working Capital; Materials and Supplies acquisition; and,
Real Estate (NOT acquired for sale, lease or investment);
Machinery and Equipment/Furniture and Fixtures acquisition and installation.