COMMUNITY FUTURES PARKLAND REGULAR LOAN PROGRAM
purchase or expand and existing business within the Parkland area. Our office specializes in helping entrepreneurs acquire funding or loans when traditional financing from a bank or a credit union is unsuccessful.
GENERAL SMALL TO MEDIUM SIZE BUSINESS LOAN
- Loans from 2,000 to a maximum of 150,000
- Loan rates can range from 6.5% to 10% depending on amount borrowed and risk.
- In most circumstances we require an equity contribution from the borrower.
- Terms average 48 to 60 months.
- A completed acceptable business plan must be completed before a loan will be considered for financing.
Notes to the above:
- Business planning assistance will be provided upon request.
- The average turnaround time from application to approval can be two to three weeks after application.
- A board comprised of community volunteers will review a loan/business analysis summary that will be the basis of the decision to finance.
- If financing is approved an offer to finance with the terms of the loan will be provided to the borrower outlining the term, interest rate and security required to be in place before any loan funds will be provided.
- An application fee of 100.00 (non-refundable) will be paid at time of application. These fees will cover costs of security searches and credit rating fees.
- If approved for financing a loan commitment fee of 100.00 again will be required to cover costs of registering security and loan set up.
- Any legal fees required for security will be the responsibility of the borrower.