Participating lenders require first-lien position and a personal guarantee. Expanding small businesses. Loans cannot be made for speculative investment. Typically, the participating financial institution takes a first lien position on assets being financed. Personal guarantee of principals required.
Interest rates are at market.
Collateral requirements are the responsibility of end-borrower. For profit and non-profit business are eligible. Loans are reserved for marginally bankable companies. Priority given to underserved and disadvantaged businesses and businesses located in low income communities. Funds may be used for equipment purchases, permanent working capital, business acquisition, lease hold improvements, participating lender required.