A step by step guide to apply for Community Advantage Loan Program by SBA Loans.
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The Community Advantage Loan program is a pilot loan program housed under the large 7(a) program. This program is an ideal option for newer businesses, businesses operating in traditionally “risky” industries, and those owned by women, minorities, and veterans.
The community advantage loan allows businesses to build success in underserved markets. Loans can the used to fund a startup business or grow an existing business, or buy real estate.
In this guide, we will discuss the qualification, rates, and some different uses of SBA community advantage loan program, and how you apply for one in your business time of need.
Community Advantage is an excellent loan choice for new and existing businesses that need between $50,000 and $250,000 in business capital. The SBA guarantees a portion of each loan which makes it possible for private lenders like us (author: Merchant Cash Advance 360) to extend financing support to business owners with less credit score or with no collaterals.
Loans can not be used for revolving lines of credit. Otherwise, funds can be used for any normal business purpose, except those prohibited by Small Business Administration (SBA).
So, if you believe the SBA Community Advantage Loan Program is the best fit for your business, the next thing you need to do is to call our Merchant Cash Advance 360 helpline +1 (888) 528-0045 and speak with our funding managers, and they will assist you with your application.
Overall, here are some of the qualifications you’ll need to meet to be eligible for the SBA Community Advantage loan program:
For more detailed eligibility requirements, please fill up this application or call @ +1 (888) 885-0007 for more information.
Interest rates for loans obtained through the 7(a) program vary and depend upon the amount borrowed. Rates are currently set at the prime rate plus a maximum of 4.75%.
Average interest rates range from about 7% to 9% and are comparable to the rates of the Community Advantage program.