1. 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.
2. How long does the loan application process take? Up to 45 days for a loan approval, up to 60 days to close and fund your loan.
3. What interest rate should I expect on my loan? Interest rates average 10.125%; rates are based on U.S. Treasury rate and are subject to change.
4. What loan terms do you offer? Loan terms are a minimum of 12 months to a maximum of 72 months.
5. 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.
6. What is the maximum loan amount? $50,000
7. What is the minimum loan amount? $5,000
8. Do you lend to start-up businesses? Yes, however, only to eligible business acquisitions. No, we do not provide loans for a typical start-up business. We require at least 24 months of business experience; businesses with less than 24 months experience are required to participate in SBDC business training classes.
9. 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.
10. 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.
11. 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.
12. Do you provide personal loans? No, we do not provide personal loans.
13. What type of loan products do you provide? We provide short-term working capital loans and long-term capital loans.
14. Are your loans secured or unsecured? All of our loans are secured and require collateral and personal guarantees.
15. Are there any pre-payment penalties? There are no pre-payment penalties for any of our loans.
16. What fees are associated with your loans? Short-term loans include a $100 application fee, a 2% service fee and closing fees. Long-term loans have no application fee, include a loan servicing fee of $100 per year and closing fees.