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UNSECURED WORKING CAPITAL PROGRAM Since 1975, the Management of National Business Finance has assisted small businesses obtain additional working capital for their companies through alternative financial solutions. The predominant alternative solution we employ is through unsecured working capital. We have a consortium of aggressive banks located throughout the country. Some of the banks are national, some are regional and others are local in their lending authority. Some banks will provide a maximum of $50,000 and others will provide a maximum of $100,000. All of the banks will provide unsecured working capital and all of the applications are stated income and stated asset. This simply means there are no personal or business tax returns required and no business financial statements required. The banks will make a loan to a business normally operating for 2 or more years, with a personal guarantee of all parties owning 20% or more and with current management in place for the past year. Each of these owners must have a bottom credit score of 660 or higher. Retail-related businesses require 3 years of operations and a bottom credit score of 680. There are some exceptions to the above. The banks will issue either an unsecured line of credit or an unsecured term loan. The banks alone determine the facility to be issued. If a term loan the payments will be fully amortized over 3 to 7 years and without any prepayment penalties. If a line of credit it will be interest only payments on a revolving basis with no term outs. |
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