Select Capital works with a few non depository banking partners that provide government backed working capital term loans with competitive rates. These loans are cashflow based and not backed by collateral or real estate. Lenders will be looking at credit of the business / owners and the ability for the company to pay back the loan. Details are below.
- Secured Term Loan
- Amounts up to $5 million
- Can be used for debt consolidation / equipment purchases / not used for dividends or tax payments
- Credit 650 and up
- Approvals within 2 weeks
- Expect rates around 11% as of 2024.
- Time in business dependent on industry
- Principal and Interest payments
- Terms are 10 years
- Few Industry Restrictions
- Personal Guarantee / Covenants