TruFund Small Business Loan

• $50,000 – $350,000
• 7% fixed rate
• 5 year term/5 year amortization
• 3 points at closing
• 600 minimum FICO score
• 1.1x DSCR
• Minimum 2 years business and personal tax returns
• No pre-payment penalty
• Multiple uses including: debt consolidation, equipment purchase, marketing, new hires, technology upgrades, etc.

The purpose of TruFund’s Financial Services, Inc.’s Small Business Loan is to provide access to capital for small businesses.

• Credit: Must have a 600 FICO credit score (below 600 may be approved in certain circumstances)
• 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 one year
• Business Requirements for nonprofits: Nonprofit must have been in operation for at least three years
• Operating businesses must meet one of the following criteria:
  • Located in a low-to-moderate income area Majority owned by woman
  • Majority owned by minority or other disadvantaged group Employs low-moderate income workers
  • Eligible nonprofit entity (Human or social services, arts/culture organizations)
  • Personal guarantee of all principals with 20% ownership or more. Nonprofit applicants are required to have board members and third- party guarantees