Loans for Existing Businesses and Nonprofits
What Is an Existing Business or Nonprofit?
- A business or nonprofit that has filed two or more years of tax returns, or
- A business or nonprofit that you currently manage and would like to purchase from the owner.
- If you do not meet the above-stated requirements, Self-Help will consider your business a start-up.
Loans Terms for Existing Businesses or Nonprofits
Loan terms vary, based on the collateral available and the proposed use of loan funds.
- Loan amount: No maximum loan amount.
- Term: Varies based on use of funds. No prepayment fee for loans under $500k.
- Note: We offer a variety of loan products, including SBA 7A.
Existing Business/Nonprofit Loan Considerations
- We often require a personal guaranty for small business and nonprofit loans.
- We typically require 10-30% down for non working capital loan requests.
- We will require collateral (e.g. real estate, vehicle, etc.).
- Note: We can sometimes be flexible with collateral requirements, so please reach out with questions.
See here for information on loans to start-up businesses and nonprofits.
Are You Ready to Apply?
If you can answer "yes" to the statements below, please feel free to submit an online pre-application form.
We are a collateralized lender, and prefer real estate as collateral. We are sometimes able to mitigate a collateral gap, so please email email@example.com with any concerns or questions
Are you ready to apply for a small business or nonprofit loan? Answer these statements to find out.
____ My business or nonprofit is located in either North Carolina or Illinois.
____ I have not had a bankruptcy in the last three years.
____ I am current on my bills and don't have any outstanding judgments or collections. (We can sometimes waive medical collections.) Call 1-877-322-8228 or visit annualcreditreport.com for a free copy of your credit report.
____ I have collateral I can put up for the loan, such as real estate, a vehicle and/or equipment. Note: we can sometimes mitigate collateral gaps.
____ I have sufficient income to comfortably cover my personal debts, and/or I have a co-signer who can co-sign on the loan.
____ I have my personal tax returns for the past two years.
____ For existing businesses or nonprofits: I have two years of business tax returns and year-to-date financials (profit & loss statement and balance sheet) for my business.
____ For start-up businesses or nonprofits: I have funds I can invest in the business and I have a secondary source of income sufficient to cover my personal debts as well as this new business debt. (Note for start-ups: While we do consider projected income from the business, we underwrite based on your existing sources of income to assess your ability to repay the loan.)
____ My business or nonprofit is located in either North Carolina or Illinois (if you are located in another geography and have a loan request for $500,000+, you may still qualify for a loan. Please complete a non-binding online pre-application here.)
If you answered yes to all these statements, you might qualify for a loan. Submit an online pre-application here, and a team member will reach out with next steps.