Now Offering the FBDC 504 Velocity Bridge Loan Program! The FBDC 504 Velocity Bridge Loan Program minimizes or eliminates risks for banks and third-party lenders who finance first lien loans for SBA 504 Loan Program participants.
A. The source of equity can come from a person/business cash or gifted funds that you don’t have to repay. The equity injection may be borrowed if the business can sustain all of their debt obligations; however, the note may need to be on standby.
A. We generally like to see that you are current on all debt and that past issues occurred greater than two years ago. For all past issues, you will need to provide a reasonable explanation as to what happened.
A. There is a prepayment penalty for the SBA portion of the note. In the event you would like to reduce principal, you may typically be able to pay down the private lender portion without a penalty.
A. An FBDC professional can provide general terms and structure based upon a specific location. To formally apply, an executed contract or term sheet is necessary.
A. If the business is less than 2 years old a plan is required. An FBDC professional can point you in the right direction to obtain assistance.
