General Business Loans
Highlights
This program is designed for business owners like you who are looking to grow or start a new venture. It offers up to $1,150,000 in financing to help with purchasing equipment, providing working capital, financing inventory, acquiring an existing business, or covering expansion costs. The funds can be used flexibly to meet your specific business needs.
Why should you apply? This program offers competitive interest rates and flexible repayment terms, making it more attractive than many other financing options. Approval is based on a thorough review by a local Board of Directors, ensuring decisions are made with community interests in mind. Once approved, you will receive ongoing support from our Business Support Team, helping you achieve your business goals.
What's in it for you? By securing this financing, you can ensure the economic viability of your business, create or maintain jobs, and have the necessary capital to grow. The application process is straightforward, and our team is here to guide you every step of the way. This program is an excellent opportunity to secure the funding you need with terms that work for you.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Competitive interest rates.
- Flexible repayment terms tailored to your business needs.
Eligible Expenses:
- Purchase of equipment.
- Working capital.
- Financing inventory.
- Acquisition of an existing business.
- Expansion costs.
Ineligible Expenses:
- Funds cannot be used for personal expenses.
- Funds cannot be used for non-business-related activities.
Fees:
- No specific fees mentioned in the program details.
Qualifications
- Business must be located in our service area.
- Equity of not less than 10% to 15%.
- Demonstrated ability to repay.
- Evidence of future economic viability.
Management skills.
Disqualifications:
- None specified in the provided context.
Description
This program offers your business a chance to borrow up to $1,150,000. You can use this money to buy equipment, get working capital, finance inventory, acquire an existing business, or cover expansion costs.
Key benefits include:
- Competitive interest rates to keep your costs low.
- Flexible repayment terms to fit your business needs.
The loan is designed to support your business growth. You need to have at least 10% equity and show that your business is economically viable. The loan decisions are made by a local Board of Directors, ensuring that they understand your community and business environment.
This program is a great opportunity to get the financial support you need to achieve your business goals.
Program Steps
Contact the Business Support Team: Call the Business Support Team to discuss your financing options and get initial guidance on the application process.
Prepare Your Business Plan: Develop a comprehensive business plan. This should include your business goals, financial projections, and how you plan to use the loan.
Gather Required Documentation: Collect the necessary documents for your application. These may include:
- Financial statements (balance sheets, income statements)
- Business plan
- Proof of equity (10% to 15%)
- Credit history
- Management qualifications
- Evidence of economic viability
- Details of intended use of funds (e.g., quotes for equipment, inventory costs)
Submit Your Application: Once your business plan and documentation are ready, submit your application to the Business Support Officer. They will review it to ensure all information is complete and meets the program's requirements.
Review and Feedback: After submission, your application will be reviewed by the local Board of Directors. You will receive written notification of approval or decline. If declined, reasons will be provided along with any conditions for reconsideration.
Sign Agreements: If approved, you will need to sign the loan agreements, including the repayment terms. Ensure you understand all terms and conditions before signing.
Receive Funds: Once agreements are signed, the loan funds will be disbursed. You can then use the funds for your business needs, such as purchasing equipment or financing inventory.
Ongoing Support: Stay in touch with the Two Rivers Support Team for ongoing assistance and to report on your progress. This support will help you achieve your business goals effectively.