Areas Served: New York
The Business Center for New Americans’ Microloan Program provides loans to New York City business owners who are not able to obtain loans from traditional lenders for reasons which may include: – The loan requested is too small – The bank won’t lend to start-up businesses – The business owner’s credit score is too low, but they can demonstrate ability to repay a loan – The business owner has a credit card, but doesn’t want to use it to fund their business BCNA provides microloans for start-ups, business expansion, and refinancing.
Our loans range from a minimum of $500 to a maximum of $35,000, for up to three years.
Interest Rates Charged – 10% fixed for loans of $500 – $3,000 – 8% fixed for loans of $3,001 – $35,000 Repayment Period Borrowers have from 6 months to 3 years to repay loans.
Fees – $25 Loan Application Fee (includes one credit report) – $15 for each additional credit report needed – Closing fee based on loan amount: $500: no closing fee $501 – $3,000: $25 $3,001 – $35,000: 1 % of loan Loan Criteria While BCNA does not have a minimum required credit score (FICO score), the potential borrower must be able to show how they will be able to repay the loan.
Other requirements: – Loans above $3,000 must have a cosigner who will be required to repay the debt if the borrower defaults – The borrower must match 20% of the loan amount with previous personal investment in the business or savings – The borrower must not have declared bankruptcy in the past 12 months – The borrower must show sufficient cash flow to make monthly loan payments – The business must have all required licenses, or be in the process of getting those licenses
Contact InformationBusiness Center for New American
Address: 120 Broadway, Suite 23
City: New York
State: New York
Website:
http://www.nybcna.org/microloans/
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