United Business & Financial Services

  Loans & Qualifications     




Small Business Micro Loans


Junior Micro Loan

This loan is for those who are looking to start a home-based business or internet based business, who have had a home-based or internet based business for less than six months; or those who have purchased or are looking to purchase a franchise business. This loan ranges from $500.00 - $5,000.00.  There are no prepayment penalties.


Qualifications

Must have a full or part-time job which covers personal living expenses including a lease or mortgage payments.  Pay stubs and a W-2 form are required for verification of employment.  
Must provide a credit report.

NOTE:  If you are more than six months in business, please look at the other loans we offer.


Loan Requirements:
  • Credit score: 525 or higher
  • 0 - 6 months in business
  • Sufficient cash flow to comfortably support monthly loan payments
  • Business located at home or in a business incubator or accelerator *
  • Less than $500.00 in past due debt
  • No bankruptcies in the last twelve (12) months (12 months and 1 day ago, accepted)
  • No foreclosures in the past twenty-four (24) months (25 months ago, accepted)
  • No late payments on your rent or mortgage in the past 12 months

Documents Required:

  • Completed loan application and references
  • Two most recent pay stubs
  • W-2 Form 
  • Business plan with a twelve (12) month cash flow projection  
  • Proof of address
  • Copies of your four (4) most recent bank statements
  • Two forms of Identification (One must have a photo!)
  • Must provide credit report
  • Own fewer than four mortgaged properties

*Business Incubators & Accelerators house several businesses under one roof or in a campus setting and offer companies reduced rents and shared services.  An accelerator program usually lasts 3 – 6 months.




Senior Micro Loan

This loan is for established home-based or internet based businesses which are almost start-up businesses or that have, at least, six months of operating revenue but are NOT yet profitable.  It can also be used to purchase an existing business or can be used to expand present business. This loan can also be used for franchise based businesses.   Loans range from $5,000 - $50,000.00. There are no prepayment penalties.



Loan Requirements:

  • Credit score: 525 or higher
  • 6 months or more in business
  • Sufficient cash flow to comfortably support monthly loan payments
  • Qualified Co-signer
  • Proof of household income
  • All required licenses to operate the business
  • Less than $3,000.00 in past due debt
  • No bankruptcies in the past twelve (12) months (12 months and 1 day ago accepted)
  • No foreclosures in the past twenty-four (24) months (25 months ago accepted)
  • No late payments on rent/mortgage payments for the past 12 months
  • Own fewer than four (4) mortgaged properties
Documents Required:
  • Completed loan application and references
  • Two most recent pay stubs
  • W-2 Form
  • Business plan with a twelve (12) month cash flow projection or an Executive Summary
  • Proof of address
  • Copies of your four (4) most recent bank statements
  • Two forms of Identification (One must have a photo!)
  • Must provide credit report


NOTE:
 For businesses that have been operating two or more years, the last two-year income statement, year-to-date statement, Executive Summary and balance sheet may be required.




Rates, Fees and Terms for Junior & Senior Micro Loans
  • 8.99% - 15.99%
  • Terms of up to 60 months
  • No prepayment penalties
  • Closing costs:   5 - 10%.  
  • Processing fees charged only if applicant meets minimum lender requirements


  

 Tier II Unsecured Line of Credit 


An Unsecured Line of Credit or "ULOC" is capital provided for entrepreneurs based on their annual sales. This loan ranges from $15,000.00 - $150,000.00. There are no prepayment penalties.


Qualifications

This loan is for businesses that are not home or internet based.  Must  be in business for at least one year.


Loan Requirements:
  • Minimum personal credit score:  500 
  • Minimum annual sales $200,000.00
  • Must be in business one year or more
  • Physical location required - no home-based or internet based businesses
  • No open bankruptcies.  All prior bankruptcies must be discharged
  • Tax liens:  Allowed if on a verifiable payment plan
  • Criminal record check:  Yes.  It can influence decision
  • Guarantee:  Yes,  By all owners
  • Credit card processing:  No.  We can look at businesses that DO NOT process credit cards.  
 Documents Required:
  • Completed loan application and references
  • Executive Summary
  • Proof of address
  • Copies of four (4) most recent bank statements
  • Two forms of Identification (one must have a photo!)
  • May have to provide, if applicable:  Last two years of income statements, Year to Date Summary, Executive Summary and balance sheet 
  • Must provide credit report

Rates, Fees and Terms for Unsecured Line of Credit




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