i'm looking to get a loan for a small business...
my boy hipped me to this site...
does this look legit or what?
anybody ever got a loan like this before...
This is the company making the loan:
https://www.smartbizloans.com/
And this is the kinda loan being offered..
http://www.sba.gov/category/navigat...iness-loans/sba-loan-programs/7a-loan-program
www.SVSBDC.org (the loan officer also gave me this website)
do you think it's legit? does it sound like a scam?
From the FAQ and talking to the representative this is the information I got...
The program is called SBA 7a..it's a new program to offer loans to Small business..
i'm looking for $25,000.00
Depending on your credit score..your annual interest rate would be between 6% and 8% fixed rate.
there's a 5% packaging fee that is deducted from the loan amount...so you would get a check for $23,750 on a $25,000 loan
The term is 10 years.
Monthly payments work out to be about $300-315 per month, get debited from your business checking out.
Credit Score Requirement is 640...they can work with 600 though...
Business has to be in Good Standing..No Liens..No Judgments..They don't care about Profits/Losses..
Business has to be in business for 2 years at least
No collateral is needed for loans up to $25,000
They will not put a lien on anything..including your business...
If you miss or are late on a payment...there's a grace period (the rep didn't know how long)
If you default..it just goes on your credit report..
They are looking to fast track applications...so applications can be processed within 5 business days.
First monthly payment is due in 30 days of the loan check being issued...and it appears they are gonna deduct the money automatically from your business checking account ..e.g. auto-draft...
No penalty for paying loan off early...
Am I missing anything?
my boy hipped me to this site...
does this look legit or what?
anybody ever got a loan like this before...
This is the company making the loan:
https://www.smartbizloans.com/
And this is the kinda loan being offered..
http://www.sba.gov/category/navigat...iness-loans/sba-loan-programs/7a-loan-program
www.SVSBDC.org (the loan officer also gave me this website)
do you think it's legit? does it sound like a scam?
From the FAQ and talking to the representative this is the information I got...
The program is called SBA 7a..it's a new program to offer loans to Small business..
i'm looking for $25,000.00
Depending on your credit score..your annual interest rate would be between 6% and 8% fixed rate.
there's a 5% packaging fee that is deducted from the loan amount...so you would get a check for $23,750 on a $25,000 loan
The term is 10 years.
Monthly payments work out to be about $300-315 per month, get debited from your business checking out.
Credit Score Requirement is 640...they can work with 600 though...
Business has to be in Good Standing..No Liens..No Judgments..They don't care about Profits/Losses..
Business has to be in business for 2 years at least
No collateral is needed for loans up to $25,000
They will not put a lien on anything..including your business...
If you miss or are late on a payment...there's a grace period (the rep didn't know how long)
If you default..it just goes on your credit report..
They are looking to fast track applications...so applications can be processed within 5 business days.
First monthly payment is due in 30 days of the loan check being issued...and it appears they are gonna deduct the money automatically from your business checking account ..e.g. auto-draft...
No penalty for paying loan off early...
Am I missing anything?
