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
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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
- How to Apply
- Complete the following Micro-Loan Recovery Program documentation:
- You may submit your signed loan application and corresponding documentation via email to PhilaMicroLoan@univest.net or by visiting one of our financial centers.
With this program, we intend to help Philadelphia-based businesses survive these challenging times and thrive in the years to come. If you are in need of financial relief and have questions, please call 215.799.4722 or email us at PhilaMicroLoan@univest.net.
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