Loans up to $500,000
The EGF ImpactLoan™ offers fast, flexible and affordable business funding from $100,000 to $500,000
If you’re looking for business financing from $100,000 to $500,000 in New York State, our ImpactLoan can provide the funding you need—fast. While other bank loan options can take months, we’re able to provide larger business loans in as little as 2 weeks. Throughout the process, you’ll work-one-on-one with a loan consultant who will work to understand your business and financial situation. And, by offering flexible requirements and terms, we put larger business loans within reach.
- Loan amounts up to $500,000
- Flexible requirements – our average borrower credit score is 640
- No prepayment penalty – borrow when you need it, pay back as fast as you want
- Interest rates from 8-13.5% variable
- Terms of up to 5 years
- Fees: 5% commitment fee (can be financed into the loan)
- Monthly payment schedule (via ACH)
Our small business loan requirements are flexible and put financing within reach for businesses that have had difficulty meeting traditional bank loan requirements. The ImpactLoan means no longer having to take on unaffordable debt when looking for a larger business loan. In order to qualify, businesses must:
- Have 1 or more year in business
- Be break-even or be close to reaching break-even
- Be free of open judgements and tax liens
- Have a credit score near or above 640, although lower credit scores can be considered on a case-by-case basis
Both home based and storefront businesses can be considered and there is no requirement for minimum number of employees.
Looking for More Than $500,000 or a Start-up Loan?
If you’re looking for a business loan of more than $500,000 or have been in business for under a year, please get in touch with us to discuss your loan options, including the SBA 7(a), SBA 504 loans, and Community Advantage loans offered through our affiliates.
Ready to Get Started?