Eligible Borrowers: For-profit small businesses (as defined by the Small Business Administration program) located in one of LISC’s 30 program areas or in a Rural LISC program area that are acquiring or renovating a building. Borrower must have a personal credit score above 680. Business must occupy at least 51% of the property, be located in an NMTC-eligible census tract, and have a minimum of two successful years in the industry in which they are requesting financing.
Project Amount: $400,000 to $5 million
Interest Rate: Below-market rate, fixed for 7 years
Product Term: 30-year term with 3-year interest-only period
SBA Community Advantage Program
Eligible Borrowers: For-profit small businesses (as defined by the Small Business Administration program). Funds may be used for working capital, equipment, inventory, business acquisition, tenant improvements, real estate, debt refinancing, and startup expenses. Borrower must have a minimum personal credit score of 625. We will consider startups as long as the borrower has at least two years of direct industry experience.
Loan Amount: $50,000 to $250,000
Interest Rate: Variable
Product Term: 7-10 years
Other Considerations: Emphasis on minority-, veteran-, and women-owned businesses or those that are in low-to-moderate income areas.
Eligible Borrowers: Community development corporations, nonprofit and for-profit developers
Interest Rate: 6%; variable
Bridge: 3 years
Working Capital: 2 years
Predevelopment: 2 years
Acquisition: 3 years
Construction: 3 years
Mini-Perm: 7 years
Permanent: 27 years
Loan Fees: Up to 1.5% of loan amount plus legal fees