TruAccess Contractor Mobilization Loans

TruFund’s TruAccess Contractor Mobilizations Loans provide access to capital for contractors to fund costs of mobilization, including working capital, materials, supplies, and receivables financing.

Terms and Conditions

  • Locations: All states in the United States
  • Amount: $50,001 – $350,000
  • Loan Structure: Term Loan/Non-Revolving Line of Credit
  • Terms: 3-18 months
  • Interest Rate: 7-10%
  • Application Fee: $250
  • Closing Fee: 3.5% for New York applications; 3% for Louisiana and Alabama

Eligibility

  • Credit: Must have a 600 FICO credit score
  • Minimum Debt-Service Coverage Ratio: 1.10x
  • Collateral Requirement: Business must have minimum revenue of $150,000 in prior year
  • Repayment Terms: Monthly P&I payments (may have interest-only period)
  • Business Requirements: Business must have been in operation for at least one year
  • Operating businesses must also meet one of the following criteria:
    • Located in a low-to-moderate income or underserved community and/or
      • Majority owned by women
      • Majority owned by minority or other disadvantaged group
    • Employs workers from low-to-moderate income communities

Business must be an operating entity. Speculative businesses such as real estate investors, developers or financing entities are not eligible. Must have minimum revenue of $200,000 in prior year. Eligible uses of funds are working capital, business purchase, equipment purchase, debt refinance, inventory purchase, tenant/leasehold improvements.

TruAccess Contractor Long Term Capital Loans

TruFund’s TruAccess Contractor Long Term Capital Loans provide access to capital for contractors for long-term capital needs, including equipment, vehicles, facilities/leasehold improvements, back-office staff hiring, and debt consolidation.

Terms and Conditions

  • Locations: All states in the United States
  • Amount: $25,000 – $250,000
  • Loan Structure: Term Loan
  • Terms: 24-60 months
  • Interest Rate: 7-9%
  • Application Fee: $250
  • Closing Fee: 3.5% for New York applications; 3% for Louisiana and Alabama

Eligibility

  • Credit: Must have a 600 FICO credit score
  • Minimum Debt-Service Coverage Ratio: 1.10x
  • Collateral Requirement: Business must have minimum revenue of $200,000 in prior year
  • Repayment Terms: Monthly P&I payments (may have interest-only period)
  • Business Requirements: Business must have been in operation for at least two years
  • Operating businesses must also meet one of the following criteria:
    • Located in a low-to-moderate income or underserved community and/or
      • Majority owned by women
      • Majority owned by minority or other disadvantaged group
    • Employs workers from low-to-moderate income communities
    • Eligible nonprofit entity (Human or social services, arts/culture organizations)

Business must also have 100 or fewer employees. Contracts to be assigned to TruFund (may be waived on an exception basis). UCC-1 filing on business assets, real estate, equipment, vehicles. Personal guarantees of all principals owning 20% or more of the borrowing entity.

Participation in TruFund’s TruAccess Contractor Education Program a plus.