Loan options
our new seed funding loan:
Seed Funding Loan. Our goal is to approve these loans within one week! This means that you will have to approve your application with the loan officer. You will then meet with a couple credit committee members and they will approve/deny your loan application based on your application materials and presentation of your business (this will be the same format as traditional credit committee).
Amount: Up to $10,000 (w/cosigner & collateral); up to $7,500 (w/o cosigner & collateral)
Term: 12 month - 60 month/ no prepayment penalty
Rate: Fixed – Prime + 7.5% for existing business/prime +8.5% for startup business
We’ll need this to process your Seed Funding Loan Application:
Term: 12 month - 60 month/ no prepayment penalty
Rate: Fixed – Prime + 7.5% for existing business/prime +8.5% for startup business
We’ll need this to process your Seed Funding Loan Application:
- Attend Orientation in person or online.
- UMLF loan application
- UMLF Short Business plan (Questionnaire) & 12-month cash flows projections
- Historical (if available) & YTD Profit and Loss
- 3-month personal/business checking statements
- Legal right to work
- Proof of Income
After you have completed the orientation our Program Manager of Lending can help you decide which loan would be the best for your situation.