Small Business Loan Program
Who is Eligible?
Potential Borrowers Include:
Minority, Women and Veteran owned (51% owned and controlled) businesses located nationwide.
Loan Features:
- Fast turn-around time. Answers in 24 to 48 hours. Loan funding 5 days.
- Loan amounts from $5,000 to $50,000.
Eligibility Requirements:
- Start-up businesses allowed
- Using the loan to buy a business is not allowed
- Working capital loans to businesses after acquisition has been fully completed are permitted
- Franchises must be this Franchise Registry www.franchiseregistry.com
- Liquid assets of individual owner cannot exceed $100,000 – does not include IRA and other qualifying Retirement Accounts
- No tax return required
- Credit Score Based. Usually a credit score of 640 qualifies you for $25,000, and a credit score of 720 qualifies you for $50,000. If you qualify for $25,000, then after 6 months of on time payments you can receive the second $25,000, even if your credit score does not improve.
Types of Businesses Allowed:
- Most business types are allowed. Those that are speculative, off-shore or involve religious affiliation are not allowed. Please call us for specifics on your business.
Loan Application Process:
- Apply to Phillips Business Management using the form below, or click here to email us. You may call us directly at 877-880-8538.
- We will prepare, with your input, the business plan and profit and loss for the loan.
- All fees refundable, ask for details.
