1. Does the BBIF provide grant funding? No, the BBIF does not provide grants.
2. Once I submit my loan application, how long will it take to hear from you? We will contact you in ten (10) days of receiving your loan application.
3. How long does the loan application process take? Up to 45 business days for a loan approval, up to 60 business days to close and fund your loan.
4. What interest rate should I expect on my loan? Interest rates are 5%-15%; vary depending on the prime interest rate and financial condition of borrower.
5. What loan terms do you offer? Loan terms are a minimum of 12 months to a maximum of 60 months.
6. Does BBIF help to write business plans? No, clients are referred to the their local SBDC office which provides educational classes on business plan preparation.
7. What is the maximum loan amount? $100,000 (Loan guarantees up to $200,000)
8. What is the minimum loan amount? $10,000
9. Do you lend to start-up businesses? Yes, however, only to eligible business acquisitions or franchise. No, we do not provide loans for a typical start-up business. We require at least 24 months of business experience.
10. Is technical assistance required after you receive a loan? Yes, after you receive a loan, on-going technical assistance, as determined by the BBIF is required.
11. Do you have a target credit score? We have an overall financial condition viability requirement that includes consideration of client credit score. Therefore, an isolated target credit score is not utilized, however credit is a part of our loan evaluation and good credit is preferred.
12. How do I start the loan process? (1) Download an application from our website: www.BBIF.com, (2) complete the loan application and (3) submit the application with ALL of the required documentation to our office.
13. Do you provide personal loans? No, we do not provide personal loans.
14. What type of loan products do you provide? We provide short-term working capital loans, credit lines, contract and receivables financing and long-term capital loans for equipment; fixtures and owner occupied real estate.
15. Are your loans secured or unsecured? All of our loans are secured and require collateral and personal guarantees.
16. Are there any pre-payment penalties? There are no pre-payment penalties for any of our loans.
17. What fees are associated with your loans? Associated fees are an application fee, a 2% service fee and closing fees.