SERCAP’s Small Business Loan Product
Southeast Rural Community Assistance Project, Inc.’s (SERCAP), a Certified CDFI (Community Development Financial Institution), provides Small Business Loans of up to $100,000.00 to small businesses in rural communities with populations of 50,000 residents or less. Eligible uses of SERCAP’s Small Business Loan Product, includes: Working Capital, Inventory, Property Acquisition, Financial Management Systems, and more.
Eligibility Requirements
In order to qualify for SERCAP’s Small Business Loan, businesses must meet the following criteria:
Existing Businesses may borrow:
Up to $100,000.00 if they are working with a Small Business Development Center (SBDC), SERCAP’s Business Services Program, or have been in business for at-least three (3) years.
Up to $25,000.00 if they been in business for 18-months to 2.5 years.
Up to $5,000.00 if they have been in business over one (1) year.
Start-up Businesses may borrow up to $5,000.00 if the owner/s have graduated from SERCAP’s ELI Entrepreneurial Mindset Program and graduated from SERCAP’s Business Services Program.
Loan Terms and Fees
SERCAP’s Small Business Loan Product includes the following loan terms and fees:
- Loan must be secured with sufficient collateral
- First lien on any asset purchased is required
- Personal Guarantees will be required from principal owners with an ownership position greater than 10%
- Interest Rate is Prime
- $51.25 Credit Report Fee per applicant
- $85 Business Credit Report Fee
- 10 Year Term
- $600 Loan Application Fee*
- 2.5% Loan Origination Fee*
- Applicant is responsible for paying Legal Fees* associated with Loan Closing
*Fees may be roll into the Loan, if sufficient funds are available.
For more information about SERCAP’s Small Business Loan Product, contact SERCAP’s Loan Fund at:
Email: sbloans@sercap.org
Phone: 540-345-1184
TTY: Dial 711
