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FIB - Scams 101 - Ye Olde Archives
Posted By: HappyLady365
Monday, 25 July 2005, at 7:40 a.m.
This is real because I just closed on my loan. The information below is my typing from my notes and papers. I am not responsible for any typing errors this is just some General Information for you to decide if you wish to learn more. This loan is only available nationwide in the United States.
The loan is called Community Express Loan.
the bank handling the loans is: Business Loan Express, Panama Vity Beach, FL
www.blxonline.com
Community Express Loan Program
The SBA Community Express program is BLX's newest commercial loan product and is specifically designed to increase working capital, help business owners meet daily operating expenses and accelerate growth. Community Express loans are an inexpensive alternative to expensive credit card debt, and provide a regular payment schedule. Borrowers can receive loans up to $25,000 with no collaterial and with no prepayment penalty. The application process is easy and loan decisions are typically issued within two business days.
Program Highlights
Serves the Following Communities (51% owned and controlled Businesses)
* Minorities
* Women
*Veterans
* Low to Moderate Income Areas, Hub Zones and other SBA designated areas
Specifications
* Loan amounts of $5K up to $25K Unsecured
* Typically 7 year term
* No prepayment penalty
* Start up businesses are allowed
* All industries are considered
Process
* Application Submitted by Technical Assistant (TA) Provider or Applicant to BLX
* Upon approval of loan, Commitment Letter and Closing Documents are sent to TA Provider and /or Borrower
* Signed Commitment Letter and Closing Documents are returned to BLX
* Funding occurs after BLX receives TA certification from TA Provider
When all the paperwork was signed this is what I got:
$25,000 loan to be paid back in 7 years
They deducted $425.00 for Guaranty Fee
They deducted $350.00 for Processing Fee
They deducted $22.60 for Prepaid interest for month of close
The balance to be placed in my business checking account will be $24,202.40 and it is to be placed there on July 29th.
The interest rate is: Wall Street Journal Prime + 4.75% adjusted on the first day of each calendar quarter. 11.00% Based on today's Wall Street Journal Prime Rate. This rate will adjust quarterly throughout the life of the loan.
Each type of business reguires different items. My business is sole proprietorship so I had to go to Register of Deeds and file a Certificate of Assumed Name For A Sole Proprietorship, Partnership, Limited Partnership form and pay $14.00. A registered copy of this form is required.
I had to go to IRS.gov and fill out the SS-4 form to request my EIN # so I filed out the form - printed it out- signed and dated it and then faxed it back to IRS . I received a fax within two days with my new number and about 10 days I got the official copy which a copy of it is required.
You also must have what you state requires as far as a business and a copy of your business licenses is required.
Next you must have a business checking account because they require a VOIDed check for the routing number to deposit the loan monies and to draft the payments each month. Be sure to get business card from the bank because that form requires Bank Name, Phone number, City,State & Zip, Name of Bank Representative, Account Number & Routing Number.
This loan does require Technical Assistance Provider which is your Small Business Center in your area. You along with them must decide a form of technical assistance that you could use to help your business grow. I picked 3:
writing business plans, book keeping class on QuickBooks and How to get government contracts.
Lots of papers to sign just like a mortage loan.
Just remember the fees remain the same whether you get $5,000 or $25,000 because my friend who got the $5,000 to purchase products for her eBay business and my other friend just got her $25,000 for commerical sign shop and mine is for my Adreminders.com website which is getting redesigned as we speak and future marketing. Adreminders.com is my promotional product business that I am developing with Dennis Bevers help. Dennis and Sandy Bevers are the greatest people to be in business with.
Good luck and I have provided you with most of the information. Go check it out for yourself. There are some things they will not cover but I didn't write them down because they did not affect me.
This is not a legel binding information just my stuff sharing it with you as a friend in business.
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