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Terms and Eligibility

  • Service Area: Dutchess, Orange, Putnam, Rockland, Ulster, Sullivan and Westchester counties and the borough of the Bronx in the state of New York and Fairfield county, CT. If your business is located outside of our service area, click here for a list of nationwide micro lenders.
  • Types of Businesses: Start up and Existing businesses
  • Loan Uses:  Inventory, Equipment purchase, Leasehold improvements, Licensing and permits, Energy savings upgrades, Marketing, Business Debt refinancing, Working capital
  • Loan Product and Terms:
    • Loan product: Term loans to the business with a personal guarantee of all owners holding an equity stake of at least 20%
    • Loan amounts: $1,000 to $50,000
    • Interest rate: fixed between 8.375% - 10%
    • Maximum Loan term: five years
    • Applicable fees: Loan application fee of $100; In certain cases, closing costs may apply
  • Automatic Credit Disqualifiers:
    • FICO below 600;
    • more than $1,000 in unresolved judgments, liens, collections, or charge offs;
    • past due amounts on existing debt;
    • past due amount on rent and/or utilities;
    • derogatory credit and payment information in the past six months;
    • personal bankruptcy in the last 36 months.
  • Limitations:
    • Gas stations, adult entertainment and certain other types of businesses are not eligible.
    • Loan funds may not be used for owner's salaries, personal expenses, delinquent taxes, real estate transactions and certain other purposes.

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