A streamlined program for borrowers with reasonable credit that need to borrow up to $25,000; the Fast Track Loan is designed for small businesses located in low to moderate income areas with one or more years of operating experience.
- Business has operated for a minimum of one year
- Located in a low income area in the Houston metropolitan area
- Fewer than five employees
- Minimum credit score of 640
- Eligible businesses must provide a service or product that is made available to and benefits low-moderate income citizens in the area.
Terms and Conditions
- Loan amounts – $5,000 to $25,000
- Seven year term, fully amortized
- Interest rate – 9.50% fixed
- Prepayment penalty of 5% in the first year of the loan
- Management and technical assistance provided in conjunction with loan
- Ineligible businesses types include home-based companies, non-profits, religious organizations, sexual or liquor oriented establishments, residential builders, investors, speculative real estate, publishers and broadcasters.
Other Program Features
- Loan proceeds can be used for equipment, working capital, furniture and fixtures
- Quick turnaround time and underwriting – typically within 72 hours
- Low monthly payments
- $350 processing fee
- Loan payments automatically drafted from the business checking account
- 3 months of bank statements, business tax return and financial statements are required
- Utilizes Fair Isaac Credit Score System, which evaluates credit score of the applicant and industry data, including current and recent past due accounts