SBA Intermediary Lending Pilot Program
Eligible Applicants are Small Business concerns located within York County and are:
- Organized for profit;
- “Small” under the 7(a) business loan size requirements; OR
- Have a Tangible Net Worth of LESS THAN $15,000,000, AND
- Have 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.
Fund Criteria
Maximum Loan Amount:
$200,000 to a Borrower.
Eligible Activities:
- Working Capital
- Materials & Supplies Acquisition
- Real Estate (NOT acquired for sale, lease or investment)
- Machinery & Equipment/Furniture and Fixtures Acquisition and Installation
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%
