LOAN TERMS as of March 16, 2020
Prime Currently 3.25%
Loan Size
Loan Term*
Collateral
Interest Rate**
Closing Fees
Micro
$100 to $25,000
Up to 15 years
Equipment or other property purchased with proceeds of the loan, or personal assets owned by the applicant
Prime, fixed
2% of loan
Business
$100 to $500,000
Real or personal property; Equipment or other property purchased with proceeds of the loan, or personal assets owned by the applicant
Prime + 1-3% depending on loan rating*** at time of closing; 1-3 yrs fixed thereafter reset annually
IRP
$100 to $250,000
** Loan term based on the conservative remaining life of collateral and cash flow.
** All interest rates are based upon the New York Prime Lending Rate, as stated in the Wall Street Journal on the date of closing.
*** Loan rating is contingent upon the client’s collateral coverage, credit history, cash flow stability, equity investment, and business qualifications.
