Funding up to $100K with an 11.9% APR for everyone.

  • Best for affordable small business loans under $100,000.
  • Pick something else if you have a startup or sole proprietorship.

    $10,000

    Min. Amount

    $100,000

    Max. Amount

    Details

    Product Name Excelsior Growth Fund SmartLoan
    Min. Amount $10,000
    Max. Amount $100,000
    Loan Term Up to 5 years
    Min. Credit Score 640
    APR Starting from 11.9%
    Requirements 2+ years in business, 2+ employees, break-even or positive cash flow, average owner credit score of 640+, $120,000+ annual revenue, no liens or judgments filed within the past 3 years, no prior owner or business bankruptcies, eligible industry

    Application Criteria

  • Two or more years in business
  • Two or more employees
  • Break-even or positive cash flow
  • Average owner credit score of 640 or above
  • Over $120,000 in annual revenue
  • No liens or judgments in the past three years
  • No prior owner or business bankruptcies
  • Eligible industry

First, do I qualify?

You must meet the following requirements at a minimum to qualify for a business loan from Excelsior Growth Fund:

  • Two or more years in business
  • Two or more employees
  • Break-even or positive cash flow
  • Average owner credit score of 640 or above
  • Over $120,000 in annual revenue
  • No liens or judgments in the past three years
  • No prior owner or business bankruptcies
  • Eligible industry 

What makes EGF unique?

EGF’s nonprofit status as a CDFI makes it possible to offer the same affordable rate to all borrowers: 11.9%. As a community-centered lender, it’s on a mission to boost job growth in New Jersey, New York and Pennsylvania — though it works with business owners in all 50 states.

Pros

  • Everyone gets a 11.9% APR
  • Mission to boost job growth in NJ, NY and PA
  • No prepayment penalty

Cons

  • No one-person business
  • 5% commitment fee when you get approved
  • Requires lien on business assets and personal guarantee
  • Five days to get your funds

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *