Under this program, the SBA makes a loan to Economic Ventures, Inc., who uses the proceeds to make loans to eligible borrowers. Start-up businesses will only be considered with submission of a complete business plan and financial statements. The maximum term of a note is 6 years. Repayment terms are tailored to each loan. There are no application fees, but borrowers are responsible for all fees related to closing of a loan.
Primary criteria are the ability to repay, a good business plan, and good credit.
Loans will not be declined where inadequate collateral is the only unfavorable factor. All applications are submitted to a Loan Review Committee for review and approval.