Mega-Microloan
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.
This loan also requires a personal guarantee and a general UCC filing (a legal notice a lender files with the secretary of state) in business assets, and some additional collateral will be required.
We also have other micro-loan products, just in case $50,000 is not quite what you are needing. You can find them all by clicking this link: Prestamos CDFI Microloan Products
The Mega-Micro is a great tool to help your business pivot in today’s difficult times, to facilitate turning your side-hustle into a permanent solution, or to simply get more supplies so you can offer more products to your expanding clientele.
If the Mega-Micro sounds like something you’d like to discuss with us, please enter your information in the form below and we will contact you to discuss your needs and the process.
Loan Terms
- Up to 5 Years
- 3 Months Interest Only
- Interest Rate as low as 6.5%
- Minimum 600+ FICO
- Minimum 3+ Year in Business
- No-Cost Business Coaching
Flyer Download
Request Mega-Microloan Information
Please enter your contact information in the form below to be contacted by one of our representatives about the Mega-Microloan product and process.
*** Microloans are only available for businesses in the states of Arizona, Nevada, New Mexico, Texas, and California. ***
