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Micro-Loan Recovery Program

In response to the unprecedented challenges facing businesses in Philadelphia, we partnered with Bryn Mawr Trust, Customers Bank, OceanFirst Bank and WSFS to create the Micro-Loan Recovery Program. This program was created to help small businesses in the City of Philadelphia in need of financial assistance to reopen their businesses.

The Micro-Loan Recovery Program is now closed, but its impact continues. Through the program a total of 21 loans were provided totaling $525,000. Examples of Philadelphia small business recipients include a flower shop, barber shop, restaurant, bakery and bookstore – all integral parts of the communities they serve. Thanks to the banks who partnered with us on this program. We were proud to be able to provide these micro loans as a lifeline to small business in Philadelphia.

MICRO-LOAN RECOVERY PROGRAM

  • Business Requirements
    • Located in Philadelphia
    • In business for 12 months or longer
    • Borrower must provide evidence of current business license
    • Borrower must provide evidence of ownership
    • Personal credit score of all individual Borrowers/Guarantors must be 640 or higher
    • Borrower must provide evidence of sufficient funds available to reopen the business

  • Loan Details
    • 10-year term
    • No payments are due in year 1
    • In years 2 through 10, monthly principal and interest payments are due with a loan amortization of 9 years
    • Loan amounts ranging from $3K to $25K
    • Guarantees of all owners of the borrower are required
    • Loans are secured by a lien on business assets
    • Step interest rate:
      • 0% interest rate for the first year
      • 1% interest rate for years two through 10
    • Other customary terms and conditions are contained within the loan documentation



MICRO-LOAN RECOVERY PROGRAM BROUGHT TO YOU BY
 
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We recognize the financial strain and devastation some businesses may be experiencing, and we're here to help. If you have any concerns or need support, please reach out.
 
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