Areas Served: Statewide Nebraska
The Quick Grow Loan Program is a collaborative effort between the Rural Enterprise Assistance Project (REAP) a program of the Center for Rural Affairs and GROW Nebraska.
This loan product has been exclusively developed for use by GROW Nebraska clients.
The Quick Grow Express Loan can be used for startup and existing business purposes and is designed for easy borrower application process and quick turn around.
The loan can be $10,000 or less and requires collateral.
Subsequent larger loans can be obtained through existing microlending organizations in Nebraska.
GROW Nebraska identifies, provides marketing technical assistance, and starts the loan process.
REAP provides loan technical assistance, closes, and administers the loan.
GROW Nebraska is paid an origination fee for all Quick Grow Loans closed.
GROW Nebraska refers the potential borrower to REAP and/or to the online loan application.
REAP will contact the potential borrower and plan for technical assistance and follow up.
REAP forwards appropriate loan documents to the potential borrower or refers the potential borrower to the online application located at www.
cfra.
org/reap.
The borrower will forward the completed loan application to REAP or will complete and submit the online version.
REAP will send a copy of the completed loan application to GROW Nebraska.
REAP will review and initiate the Loan Review Committee (LRC) call.
Loan reviews are done by conference call.
The LRC will consist of two REAP staff and one GROW Nebraska staff.
If approved, REAP will close the loan and have the borrower sign the appropriate loan closing documentation.
Once closed, REAP will send a check to the borrower.
– The maximum Quick Grow Express loan is $10,000 per borrower.
– All Quick Grow Express loans will be secured by collateral.
Legal security documents will be filed with the S- – State of Nebraska and with the respective county.
– The repayment period will be 72 months or less.
Interest Rate – The prime interest rate shall be determined monthly through the Wall Street Journal on the first business day of each month.
– The interest rate shall be fixed for the term of the loan.
– Interest will accrue daily on the balance of the loan.
– The Quick Grow Express Loan interest rate will be prime + 4% or SBA maximum limit, (Whichever is lower).
– Grow Nebraska members will receive reduced rates for their first and second Quick Grow Express Loans, the interest rate is 2% less than the current Quick Grow Express Loan rate.
This rate reduction is only applicable to the Quick Grow Express Loan product.
Contact InformationRural Enterprise Assistance Project
Address: 145 Main St
City: Lyons
State: Nebraska
Website:
http://www.cfra.org/reap/quick-grow-express-loan
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