AltCap Modifies Fast Start Loan to Assist Business Impacted by Coronavirus (Press Release)
Blog Post B Descriptions (Press Release Description)
AltCap Modifies Fast Start Loan to Assist Business Impacted by Coronavirus
AltCap, a Kansas City based Community Development Financial Institution, has modified it's Fast Start Loan program to assist small businesses negatively impacted by the Coronavirus outbreak. The Fast Start Loan (up to $20,000) to help meet the immediate capital needs of entrepreneurs and small businesses.
Features of the Fast Start Loan include:
- Shorter processing time (48 hours)
- Interest rate is 5% for first 12 months (interest only first 3 months); 8% after 12 months
- No payments for first 30 days
- 1% loan origination fee
- 1 - 3 year loan term
- No pre-payment penalties
To qualify for Fast Start, applicants should have:
- Business in good standing
- Debt-to-Credit (DTC) ratio <=50%
- Income verification (past 3 months of bank statements and past 2 years of tax returns)
- Other criteria may apply
Visit AltCap's website for more information and to apply.