Loan Program FAQs: General

As of June 1, 2023

  • 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 $15,000, a minimum credit score of 620 for all guarantors will be required.
  • For all loans over $15,000, 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 9% to 12% 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.