WWBIC COVID-19 Loan Offerings
THE WWBIC COVID-19 FAST TRACK LOAN PROGRAM is focused on existing businesses looking for business financing during COVID-19. Business owners have two options to pick from depending on their needs: a line of credit or a term loan.
LINE OF CREDIT DETAILS:
- Minimum of $5,000. Maximum of $10,000.
- Term of 12 months
- Line of credit can be renewed for a 1% fee charged at the time of renewal
- Line of credit can be modified to a 48 month term loan at no cost only after the initial 12 month interest only period
- Interest Rate: 9.25%
- SPECIAL: No collateral needed to qualify. WWBIC will still require the business to grant an all assets lien on its personal property, and WWBIC will file a UCC financing statement against the business in state records.
TERM LOAN DETAILS:
- Minimum of $5,000. Maximum of $15,000.
- Term of 60 months
- Client makes interest only payments for the first 12-months; for the remaining 48 months, the loan is fully amortized (Amortized payment will be approximately $350 per month on $15,000)
- Interest Rate:
- Existing WWBIC Clients = 4.50%
- Returning WWBIC Clients= 4.50%
- New Clients = 5%
- SPECIAL: No collateral needed to qualify. WWBIC will still require the business to grant an all assets lien on its personal property, and WWBIC will file a UCC financing statement against the business in state records.
FEES:
As with other WWBIC loans, fees are approximately 5% and can be financed from the loan proceeds. The $75 non-refundable application fee is included in the 5%. The $75 application fee is due at the time of application and can be paid with a credit card.
Go to our Loan Application to apply. For the question “How did you hear about our program?” on the Client Information section, please answer “WWBIC COVID-19 Line of Credit” or “WWBIC COVID-19 TERM LOAN” respectively.
For additional details about eligibility and requirements, download our fact sheet.
