Excelsior Growth Fund – EGF SmartLoan™
Excelsior Growth Fund (EGF), a nonprofit Community Development Financial Institution (CDFI), is a trusted small business financing and lending solution. EGF works with bank partners to provide a second option for small business owners who do not currently meet a bank’s requirements. Additionally, we provide an online loan product when a customer seeks fast business funding and access to responsible financing.
How It Works
EGF’s simple, easy to use online platform makes it easy for small businesses to apply for loans up to $100,000. An application takes approximately 20 minutes to complete; loans are reviewed and approved within 1-2 business days, and fully funded in less than a week.
As a referral partner, we keep you up to date on the status of your customer's application and can share information on your referral portfolio on a quarterly basis. And, our business advisory services team will work with your customer over time to help them improve their business and financial situation with the goal of graduating them to bank financing. By working together, we create win-win scenarios for your customers and your bank.
Will My Customer Qualify?
If your customer meets the following requirements, they will be approved for a SmartLoan. We also may approve loans on an exception basis.
- Two or more years in business
- Two or more employees
- Operating at break-even or positive cash flow
- An average credit score of 640 or above with no open judgements or tax liens
- More than $120,000 in annual revenue
- Maximum loan amount: $100,000
- Maximum term: 5 Years
- Interest rate: 11.9%
- Total upfront fees: 5% funding/commitment fee (financed)
- Collateral: business assets
- Guarantors: personal guaranty of equity owners > 20%
- Loan purpose: Almost any business purpose considered
- No prepayment penalties
Visit www.excelsiorgrowthfund.org for more information.
*as of August 2018
Want more information? Contact our Profit Solutions Division at 1-800-522-5607 or firstname.lastname@example.org