How does an HBDi loan differ from a bank loan?
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How does an HBDi loan differ from a bank loan?

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...

What are the fees associated with getting a loan?

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...

How long does it take to receive funding?

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.

How important is my credit history?

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...

What kind of businesses are ineligible to apply?

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.