Sometimes you need more than just a little chunk of cash. Some situations call for a heavier infusion of funds. You might need it to purchase new equipment, start a new product line, make a TV commercial, remodel your shop, pivot to accommodate the pandemic environment, and the list goes on…
Traditional lenders tend to have a lot of obstacles to get just a small loan. And, right now, you may need the funds but can’t fit into their optimal selection criteria.
That is why Prestamos CDFI has introduced the Mid-Microloan product!
The Prestamos Mid-Micro is a fast-tracked small business loan geared towards supporting small businesses in need of working capital up to $15,000. Rates are as low as 6.75% and terms up to 48 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.