We’ve Lowered Interest Rates for Loans Under $50,000
We’re proud to announce that Excelsior Growth Fund can now offer loans up to $50,000 at a reduced interest rate of just 9.125% through the SBA Microloan program! EGF is now the only lender in New Jersey, New York, and Pennsylvania that offers the SBA Microloan program through a digital process, with loans approved in just two business days and fully funded within five days.
EGF has been allocated $3.25 million in SBA microloan funds and has already been leveraging the program to support small businesses. The SBA Microloan can be used for almost any business purpose and features no prepayment penalty, so business owners can pay it back as quickly as they’d like.
What Does This Mean for You and Your Clients?
If you have a client that has an immediate financing need under $50,000, or that does not qualify for traditional financing, EGF can help. Through our easy, online process your clients can complete our application in just 20 minutes, and receive approval within two business days and funding within five. You’ll be able to help your client get the financing they need quickly, and keep the door open with them when they need financing in the future.
SBA Microloans can be used for almost any business purpose including equipment purchase, working capital and inventory purchase. Here’s how we’ve already help small business owners with SBA Microloans:
Incausa Social Entrepreneurship — Brooklyn, NY
Vinicius Vieira de Vieira’s social entrepreneurship company Incausa grew by leaps and bounds in its first few years of business. A lack of capital was holding Incausa back from further growth and Vinicius considered selling off part of the company in order to raise funds. Carolina, Vinicius’s business partner and wife, heard about EGF at a business finance class hosted by NYBDC, and as a result the business pursued a $50,000 microloan.
With the microloan funding, Vinicius and Carolina were able to retain full control of their business while accessing the capital needed to fuel its growth. Read their full story here.
Denmar Consulting — Suffern, NY
When Denise Marcelin Pringle’s new consulting business began to grow, she needed additional resources to successfully take on the extra workload. Denise was referred to EGF by her CPA and was approved for a $30,000 microloan that increased her monthly cash flow. In addition to financing, Denise received third party consulting services through EGF to further assist her business, and enrolled in a 60-hour entrepreneurial program through the Women’s Enterprise Development Center (WEDC).
Denise’s business continues to grow as she onboards new clients and works to build her brand. Read Denise’s full story here.
If you have a client that could be a good candidate for an SBA Microloan through EGF, get in touch with us today.