Loan Program FAQs: General

• We offer term loans up to five years and credit lines renewable annually.
• Loan repayment is required to be via automatic monthly payments from the borrower’s business checking account.

• You must be in business at least two (2) years to qualify for the NMSDC “In This Together” Microloan Fund which offers loans up to $15,000. (Funding is limited for this program, and is available until the funds are exhausted)
• You must be in business for at least three (3) years to qualify for all other loan programs.

• For loans up to $75,000, a minimum credit score of 620 for all guarantors will be required.
• For all loans over $75,000, a minimum credit score of 650 will be required.
• Scores lower than 650 will be considered on a case-by-case basis.

• Without exception, BCF requires a personal guarantee on all business loans for all owners of 10 percent (10%) or more of the ownership shares of the business.
• If the business is owned fully or partially by a Limited Liability Company (LLC) or trust, that entity will have to guarantee the loan as well.

BCF provides competitive loan rates for all loan levels.

• The rates for microloans ranging from $5,000 to $100,000 are 8% to 10% fixed
• There are promotional microloan rates with limited availability as low as 3% APR for a maximum term of 36 months. These special rate programs are available until all funds are exhausted.
• Rates may vary and could change due to government policy actions.

• You can utilize the loan for major projects as working capital, upgrades to your information technology, equipment purchases, business acquisitions, inventory, lease-hold improvements, relocation, and other uses that are acceptable to Business Consortium Fund and its affiliates.

• In most cases, it takes up to 14 days from completed application to closing for loans up to $100,000.
• For loans over $100,000, loans can take 4-6 weeks to close on average, depending on the complexity of the loan.
• Loans with real estate collateral can take up longer than 6 weeks.

• Click here to review the questions from our prequalification questionnaire.  Once this is successfully completed, you will be invited to apply to our loan program.