What is your interest rate?
Interest rates can be as low as prime plus 2%, depending on the level of risk involved with the loan.
What makes Community Futures different from a regular lending institution?
We provide alternative sources of financing and are usually willing to take more risk than a conventional lender. Our loan criteria are not based on formulas; we look at the entire plan. Where appropriate, we also work in partnership with regional banks and other lenders in joint lending agreements.
What will my monthly payments be?
Our Business Analysts will help create appropriate repayment scenarios to meet your needs.
Do you require loan security?
Yes. For example, security can be in the form of a mortgage, equipment and/or personal guarantees.
How do I apply?
Contact us to discuss your needs. Loan application packages are available from our office as well as our website.
What is the minimum and maximum loan amount?
Approval amounts vary depending on the needs of your business. The maximum amount is typically $150,000, although special considerations may apply to exceed that amount.
How long do I have to pay back the loan?
The term of the loan depends on the nature of the business, security, cash flow and the amount of the loan. Payments may be amortized over a longer period in order to reduce the monthly payment amount.
Do I have to submit a business plan?
Yes. All applicants need to complete a business plan, including financial projections. Our sample business plan can be found here.
How long will it take before I can get money?
Funds are typically available approximately 1 to 2 weeks after loan approval, depending on the security required.
Are there grants available for business start-up or expansion?
No. Although there are many sites on the Internet stating the availability of business grants, such grants are usually project-based or extremely narrow in their focus. Find out the truth about grants here.
Where do I get a business license?
You can get a business license from the municipal office where you reside.