ACT! provides Capital, Coaching & Connections with a focus on African Americans, other populations of color & low income persons. We work in partnership with banks to meet the credit needs of small business owners. Our programs serve to close the financial gap, to make the business owner “whole” financially.
SMALL BUSINESS REVOLVING LOAN FUND
- FUNDS CAN BE USED TO PURCHASE FURNISHINGS AND EQUIPMENT, REAL ESTATE, AND RENOVATIONS.
- LOANS UP TO $50,000.
- WHERE PRIMARY LENDER IS INVOLVED, WRITTEN COMMITMENT REQUIRED.
- FOR SOLE SOURCE FINANCING, MUST PROVIDE BANK REJECTION LETTER OR OTHER DOCUMENTATION TO SHOW INABILITY TO SECURE BANK FUNDING.
- COLLATERAL – MUST BE FULLY COLLATERALIZED.
WORKING CAPITAL
LOAN
- FUNDS MAY BE USED TO FINANCE SHORT-TERM OPERATIONAL NEEDS, SUCH AS ACCOUNTS PAYABLE, PAYROLL, INVENTORY, REPAIRS AND OTHER MORE IMMEDIATE NEEDS.
- LOANS UP TO $50,000.
- MAY BE FIXED PAYMENT LOAN WITH A TERM UP TO FIVE YEARS.
- MAY BE LINE OF CREDIT RENEWABLE ANNUALLY (RENEWABLE FOR UP TO 3 YEARS).
- COLLATERAL – MAY BE SECURED OR UNSECURED DEPENDING ON THE RISK AND CREDIT WORTHINESS OF APPLICANT(S).
Application Requirements
- Submit completed business plan.
- Ensure there is sufficient collateral value to cover amount of loan request.
- Must be able to document financial performance of existing business that shows the business is able to generate sufficient cash flow (profits) to qualify for a loan.
- Start-ups must provide a rational narrative to document projections made in business plan.
- Applicant(s) must be credit worthy (minimum credit score of 600 preferred).
- All applicant businesses must meet SBA definition of a small business (500 or fewer employees; less than $7.5 million in annual gross receipts).
- Loan application fee $125.00 (non-refundable).
- Business located within ACT service area (Listed below).
- Other requirements as deemed appropriate.
