Excelsior Growth Fund business loans review
Funding up to $100K with an 11.9% APR for everyone.
finder.com’s rating: 3.9 / 5.0
- Best for affordable small business loans under $100,000.
- Pick something else if you have a startup or sole proprietorship.
|Product Name||Excelsior Growth Fund SmartLoan|
|Loan Term||Up to 5 years|
|Requirements||2+ years in business, 2+ employees, break-even or positive cash flow, average owner credit score of 640+, $120,000+ annual revenue, no liens or judgments filed within the past 3 years, no prior owner or business bankruptcies, eligible industry|
Anna Serio is a trusted loans expert who's published more than 800 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Fundera, Business.com, and ValueWalk feature her professional advice, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Excelsior Growth Fund (EGF) is a community development financial institution (CDFI) with a focus on small businesses in New Jersey, New York and Pennsylvania — though businesses across the country can qualify.
Its SmartLoan could be a great option if your business is looking for a loan under $100,000 and you usually qualify for rates on the higher end — all qualifying businesses get an 11.9% APR. But that includes a 5% commitment fee for taking out the loan, and you can’t qualify if you’re a startup or sole proprietorship.
Not sure EGF is right for you? Compare your other business loan options below.
First, do I qualify?
You must meet the following requirements at a minimum to qualify for a business loan from Excelsior Growth Fund:
- Two or more years in business
- Two or more employees
- Break-even or positive cash flow
- Average owner credit score of 640 or above
- Over $120,000 in annual revenue
- No liens or judgments in the past three years
- No prior owner or business bankruptcies
- Eligible industry
What makes EGF unique?
EGF’s nonprofit status as a CDFI makes it possible to offer the same affordable rate to all borrowers: 11.9%. As a community-centered lender, it’s on a mission to boost job growth in New Jersey, New York and Pennsylvania — though it works with business owners in all 50 states.
- Everyone gets a 11.9% APR
- Mission to boost job growth in NJ, NY and PA
- No prepayment penalty
- No one-person business
- 5% commitment fee when you get approved
- Requires lien on business assets and personal guarantee
- Five days to get your funds
Compare other business loan options
How do I apply?
You can apply online, over the phone or even in person at one of EGF’s New Jersey, New York or Pennsylvania offices. Here’s how to get started online:
- Go to the EGF website.
- Click Apply Now.
- Enter your desired loan amount and business ZIP code.
- Select your time in business, loan purpose and credit score range.
- Enter your email and create a password to set up an account. Click Next.
- Follow the directions to answer questions about your business, yourself and other owners, clicking Next between sections.
- Upload any required documents.
- Review your answers and submit your application.
What documents do I need to apply?
While it depends on your application, you likely need to provide the following documents at a minimum:
- Year-to-date accounting information
- Most recent business tax returns
- Most recent personal tax returns
How do repayments work?
EGF’s SmartLoans come with fixed monthly repayments that can last up to five years. You can find information about your loan term, due date and how much you owe by looking at your loan contract. If you have any questions or concerns, reach out by calling 866-466-9232. Customer service representatives are available weekdays between 9 a.m. and 5 p.m. ET.
Find out how EGF compares to other providers by reading our guide to business loans.
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