LMI Storefront Loan

Product Details:

  • Loan amount: up to $100,000
  • Loan term: 60 months, including no payments the first six months
  • Interest rate: 0%
  • Pre-payment penalty: none
  • Closing fee: $300 (only if loan is approved)

Who Can Apply?

Businesses must:
  • Operate in one of these eligible LMI neighborhoods
  • Employ between 2-99 employees in total across all locations
  • Have been in operation since January 1, 2018, or before
  • Be cash flow positive in 2019 and be able to demonstrate the ability to repay
  • Have no personal or business tax liens or legal judgements within the past three years
  • Provide a personal guarantee for the loan. All owners of 20% or more of the business must co-sign on the loan and must have an average personal credit score of 625 or higher.