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The U.S. SBA started accepting SBA loan applications for independent contractors recently. This means - essentially - whatever business you do, as long as your CREDIT is good (AND your loan application is processed and responded to properly, which is what Modee is an expert at), you will get approved for a loan.
Some basic terms of the program are:
• Interest rate of 3.75%,
• Payable over 30 years
• First payment not due for 12 months from the date of the note
§ although interest will accrue and there are no pre-payment penalties
• Loans up to $25,000 can be made on an unsecured basis, while loans in excess of $25k will require a general security interest in business contents and a loan condition requiring hazard insurance.
• Loans in excess of $200k will require a personal guarantee of parties to the application.
Some basic terms of the program are:
• Interest rate of 3.75%,
• Payable over 30 years
• First payment not due for 12 months from the date of the note
§ although interest will accrue and there are no pre-payment penalties
• Loans up to $25,000 can be made on an unsecured basis, while loans in excess of $25k will require a general security interest in business contents and a loan condition requiring hazard insurance.
• Loans in excess of $200k will require a personal guarantee of parties to the application.
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