Interest Rate:

0% for first 60 days then 9.5% fixed

Repayment:

No payments for first 60 days – interest only for next 4 months – then principal and interest payments for 36 months

Collateral: 

Subordinate lien on business assets (excludes titled vehicles and real estate)

Guarantees:

All owners of 20% or greater will provide an unlimited personal guarantee

Application Fee:

$0

Closing Costs:

No legal fee – closing costs will be to actual costs for credit reports, filing fees and other “out of pocket” costs

Credit Criteria:

The business is required to have been operating for a minimum of two (2) years.

Personal Credit Report with Scores -- review and approval of the personal credit report with an average score for all personal guarantors of at least 675.

Personal Debt to Income Ratios -- "Back End" ratio of 50%.  This "debt to income" ratio is determined by dividing gross income by monthly debt service requirements.

Business Credit Reports -- review and approval of a business credit report with no liens or judgment on business credit reports and/or lien searches.

Business Cash Flow Debt Coverage Ratio -- Historic debt service ratio of 1.0 to 1.0 for the most recent fiscal year end.  In the event the most recent year end is less than 1.0 to 1.0 then a 3 year average of 1.2 to 1.0 will be required.