| Fidelity Mutual Mortgage Community Express Loan Program - ($5,000 to $50,000) |
Purpose:
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This SBA commercial business loan is for working capital purposes.
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Loan Amount:
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Our SBA Community Express loan amounts ranges from $5,000 to $50,000
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Offered To:
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Minorities, Women, Veterans and business owners in Low to Moderate Income (LMI) areas and other SBA designated areas.
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Collateral:
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None Required - This is an unsecured loan program.
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Interest Rate:
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$5,000 - $25,000 4.75% over WSJ Prime, adjusted calendar quarterly
$26,000 - $50,000 3.75% over WSJ Prime, adjusted calendar quarterly
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Term:
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Typically 10 years, fully amortized
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Prepayment Penalty:
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No Prepayment Penalty
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SBA Guaranty Fee:
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2% of the guaranteed portion (85%) of the loan. (Will be deducted from the loan proceeds)
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Processing Fee:
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$425.00 (Will be deducted from the loan proceeds)
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Recourse:
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Full guarantee of all principals.
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Approval Criteria:
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Applications are approved based on credit scoring models which are primarily based on personal payment habits. Applicants with poor or limited credit history will not typically be eligible for this program
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Diversity:
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Nationwide, all industries considered. Start up businesses allowed
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Financial Data:
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No tax returns are required.
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Third Party Reports:
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No appraisals or environmental reports are required.
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Funding Requirement:
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Borrowers must receive a Community Express Certificate of Technical Assistance from an SBA approved Technical Assistance Provider.
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Summary:
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Many segments of the small business community - including women, minorities, veterans and businesses in low-to moderate income areas have difficulty accessing capital from traditional lending sources. BLX offers these potential business borrowers access to capital in amounts that many large institutions are not willing to make. In addition, the requirement that the borrower receive counseling from a technical assistance provider ensures that the business requirements are validated by counseling professionals, maximizing the potential success of the enterprise being funded. |
