by | Apr 11, 2011 | FAQ |
As a nonprofit corporation, HBDi lending activities are subsidized with government funding. As a result, we are able to offer below market rates of interest that are fixed over the life of the loan. HBDi also offers very flexible terms (e.g., collateral coverage, loan...
by | Apr 11, 2011 | FAQ |
Fees consist of an application fee of $75 for Micro-Enterprise loans, $200 for Small Business loans, and a 1% origination fee respectively. Fast Track loans require a $350.00 fee, which is refundable if the loan is not approved. Micro-enterprise and Small Business...
by | Apr 11, 2011 | FAQ |
From the date of application to actual funding, if a loan application is thorough and complete, the process can take from 7-20 days for Small Business loans. Fast Track loans are processed within three (3) business days.
by | Apr 11, 2011 | FAQ |
HBDi reviews the borrower’s credit report and credit score in considering all loan requests. Fast Track Loan applicants must have a minimum score of 640 to be eligible for consideration. However, overall we are generally more flexible in reviewing credit history and...
by | Apr 11, 2011 | FAQ |
Ineligible businesses include sexually oriented businesses, gambling establishments, businesses with over 51% of revenues generated from liquor sales, businesses organized for religious purposes, residential builders and speculative real estate investments.
by | Apr 11, 2011 | FAQ |
HBDi loan funds cannot be used for refinancing debt, investments, residential properties, or speculative real estate.
