Frequently Asked Questions

Loans

Loans ?

What type and percentage of interest will I pay?
We do not quote interest rates until the application is approved, but we will try to get you the best rate.

Why are there so many papers, if it's only $3000.00 loan?
It is required by SBA and the laws governing loans from federal funded organizations.

How long will it take to get the money?
Once you have supplied us with the documents that we need, the actual process is very short.

How can you set up a loan so fast?
Depending on the use of funds the terms are scheduled. We then discuss inventory, working capital, equipment, etc.

Can I have a lower payment at the beginning?
Here we make sure that the customer understands the payment schedule, and possibly ask the question, "why did you need a lower payment at the beginning?" (maybe the business plan and projections were not done correctly).

Do you lend money for housing?
Yes we do, but only for real estate development (we do an explanation).

I have equity in my home and I need to borrow for my business and for home improvements, is this possible?
We only lend for business. You need to look somewhere else for home improvements.

Is this a grant (free money)?
No, this is a true loan. You are responsible to pay back the loan to us. This is why we are using your car as collateral.

I have bad credit, why are your checking my record?
In order to make a qualified decision, we need to verify your credit standing. We may be able to help.

I do not want my wife to sign/or to know about this loan, is this possible?
No. Arizona, is a community property state. Therefore we need your wife to know exactly what is going on. What if you were to become ill, or died?

Can you send me information on your micro loans?
We can mail our regular brochure or our micro loan brochure.

Do you give grants to start a new business?
We do not provide grants, we are a lender.

Do you give loans to start a new business?
We do not look at start up loan requests. We look at businesses that have been in operation for at least 12 months.

What are your interest rates?
10.88 to 14.15, it depends on which loan fund is available.

What kind of collateral do you require?
It depends on the loan request, we look at real property, vehicles, equipment and inventory.

Do you lend to companies in other states?
We do not have the resources to lend out of state.

What are your credit history requirements?
The same as all other lenders, we look for a satisfactory credit history.

How long will it take to get the loan processed?
It depends on the request and if any other venders are involved, such as an appraiser or title company. Also, if the request requires approval by a loan committee. Two to three weeks is a good guess.

What is the interest rate?
It varies, depending on what fund we use.

What is the maximum I can borrow?
A first time loan can borrow up to $35,000.

Do you have a waiver for seasonal adjustments?
Yes, we do, for June-August.

Can you pay toward principal?
Yes, you can at anytime. Just specify or mail directly to the P.O. Box.

Are interest rates and terms different from the banks?
We have lower interest rates than the banks.

Do I have to have collateral?
All loans are required to have collateral.

Do you check credit, and does it have to be good?
Yes, we check credit with a credit bureau and we do want you to have good credit.

Can the business be a homebased business?
Yes, it can.

Do I have to have a business license?
Yes, you must have a business license.

Do you provide technical assistance?
We do provide group training.

What are the terms of the loan?
From 3 months to 60 months.

What can I use the loan for?
For inventory, working capital, and to buy equipment.

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