Microloan Program FAQs: General

As of October 20, 2021

  • 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 our Microloan Program which offers loans up to $15,000.
  • You must be in business 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.

  • For loans up to $100,000, rates can be as low as 3% fixed APR.
  • For loans over $100,000, rates can be as low as 6.5% fixed APR.
  • 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. However, there are some cases where a loan would take longer to close, e.g., additional information is required.
  • 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.