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.