Sometimes you need significant funds to help your business grow. You might need it to purchase new equipment, hire more staff, open a new location, retool your shop, improve your vehicle fleet, pivot to accommodate the pandemic environment, and the list goes on…
Right now, you may need the funds but don’t want, or can’t afford, to get a large loan typically provided by traditional lenders. Or, maybe you have some things in your past which have become obstacles in passing the tight restrictions they have.
That is why Prestamos CDFI has introduced the Mega-Microloan product!
The Prestamos Mega-Micro is a fast-tracked small business loan geared towards supporting small businesses in need of working capital up to $50,000. Rates are as low as 6.5% and terms up to 60 months depending on circumstances. You might even qualify for up to 3 months of interest-only payments.
A minimum FICO score of 600+ with no open collections, 3+ years In business, and an explanation of how the business is adapting to COVID restrictions are required as part of the application process.