Areas Served: Bastrop, Bell, Blanco, Burnet, Gillespie, Hays, Lampasas, Llano, Lee, Mason, McCullough, Miliam, San Saba, Travis and Williamson counties
Currently, the Business Invest in Growth’s maximum loan amount for Texas based businesses is $50,000. Established businesses, those with at least a year of sales and those which have filed a business income tax return at least once, are eligible to apply for up to the entire amount.
Startup businesses with a written business plan can apply for up to $15,000; those without a business plan are only eligible to apply for up to $5,000. Our minimum loan size for all classes of loans is $500. See the underwiting criteria section for special notes on startup businesses.
Interest Rates Rates are consistent with micro-lending industry standards and are determined on a case-by-case basis.
Once the rate is set, it will remain fixed throughout the life of the loan.
The interest is amortized on a 360 day basis and there is no pre-payment penalty.
Loan Terms Loan terms can vary from 3 months to 5 six years.
The terms will depend on the size, purpose of the loan, repayment source, and our own internal requirements.
Loans financing inventory on receivables are the shortest–usually no more than 6-9 months.
Pure equipment loans can receive the longest term.
Most loan clients need a mixture of the two, and end up with either a 3- or 4-year term comprised of two loans- a short term and longer term note.
Use of Funds Generally, the loan funds can be used for expenses (payroll, marketing, licenses, etc.
), inventory, accounts/contracts receivables, supplies, furniture, fixtures, or equipment.
On a case-by-case basis, the funds may be used for renovation of leased property.
They cannot be used in the purchase of real estate.
BiGAUSTIN microloans also cannot be used to refinance existing debt, including credit cards, nor are they available for personal use.
Fees Loan clients pay minimal direct costs associated with their loan processing such as credit report cost and filing fees.
If you own a business in Central Texas, you’re most likely eligible already.
All for-profit businesses, are eligible if they are sole proprietorship, partnerships, or corporations, as long as they fit within the SBA size standards at time of application and the nature of the business is consistent with BiG’s mission and values.
If for any reason the minimum criteria is not met, we will advise you as to what steps to take to help you qualify in the future.
The only non-profits that we may lend to are child-care centers.
Pyramid and multi-level marketing businesses are not eligible for a BiGAUSTIN microloan.
Geography Bastrop, Bell, Blanco, Burnet, Gillespie, Hays, Lampasas, Llano, Lee, Mason, McCullough, Miliam, San Saba, Travis and Williamson counties.
Other Criteria All applicants must: – Have a written business plan if they are startup business borrowing in excess of $5,000; – Have proof of a minimum of 10% equity injection.
That is, the owner must have made investments or purchases for the businesses totaling at least 10% of the loan value.
We recommend that you save your receipts for all purchases and start-up costs; – Be U.S. citizens or legal residents or a “stateside” foreign owned business; – Be in good standing on federal, state, county, and municipal taxes; – Carry full auto and liability insurance, where applicable; and – If approved, must carry “Key Man” life insurance for at least the value of the loan throughout the loan’s term.
Contact InformationBIG-Business Invest in Growth
Address: 5407 North IH-35, Suite 200
City: Austin
State: Texas
Website:
http://bigaustin.org/services/lending/apply-for-a-loan/
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