Short Term Finance Program

Is your business in need of a quick, short-term loan to cover a temporary cash glitch or capitalize on a sudden opportunity? SEDC is offering a new short-term finance program to current and former customers on good terms. Targeted markets include seasonal businesses, order capital for manufacturers, and service businesses experiencing unusual demand.

General Loan Structures: Loans would generally be $25,000 to $100,000 with larger amounts considered. Interest rates 10% - 15%, 1-5 year amortizations, terms 2 years or less. Interest only payments, balloon payments as determined necessary.

Timing and costs: Program goals are to close the loan in two weeks from submission of a complete application, with closing costs at or under $1,000. Application fee generally $500.

Self-screening Guidelines

An interested customer can gain an insight into whether or not they are eligible by reviewing the following criteria. A "yes" to all or most of these questions should indicate an approvable loan.

Profit & loss statement standards

Balance sheet standards