Excelsior Growth Fund – EGF SmartLoan™


Excelsior Growth Fund offers an affordable, online loan product for small businesses in New York State. An approval decision is typically made within 24 hours and funding takes place within five days. EGF is a not-for-profit 501(c)(3) and certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI). 

EGF SMARTLOAN™ ELIGIBILITY CRITERIA:

  • Two years or more in business
  • No open judgements or tax liens
  • Minimum annual revenue: $120,000
  • Two or more employees
  • Must demonstrate positive cash flow
  • Owner(s) average credit score: 640

PROGRAM PARAMETERS:

  • Maximum loan amount: $100,000
  • Maximum term: 5 Years
  • Interest rate: 13.0%*
  • Total upfront fees: 5% funding/commitment fee (financed)
  • Collateral: business assets
  • Guarantors: personal guaranty of equity owners > 20%
  • Monthly payment by automated clearing house (“ACH”)
  • Eligible use of funds: working capital, business expansion, machinery and equipment purchases, debt refinance and technology upgrades
  • No prepayment penalties

HOW WE CAN HELP YOUR BANK:

  • Provide a trusted financing solution to clients not yet eligible for a bank loan
  • Enhance customer service and help your clients apply for a loan online in minutes
  • Refer clients to EGF’s business advisory services to help them become bankable
  • Expand your small business loan portfolio by purchasing loans from EGF

 

Visit www.excelsiorgrowthfund.org for more information.

*as of January 2016

Want more information?  Contact our Profit Solutions Division at 1-800-522-5607 or gkananis@nyba.com.