AmPac Tri State CDC, a non-profit provider of SBA 504 loans and financing for new and growing California businesses, has created an innovative online loan application tool that enables eligible California small businesses to secure low-cost financing extremely quickly – with pre-qualification obtained in just seconds rather than days.
This tool will be of particular interest to California small businesses that need lower down payments and longer terms than typical loans and are looking to fund commercial real estate acquisitions, complete tenant improvements and ground up construction, as well as acquire equipment (not including multi-family). Businesses seeking to fund hotels, energy efficiency solutions, such as installation of solar panels, and an array of manufacturing needs can utilize this funding with no cap on the total project budget.
AmPac’s online application enables eligible businesses to access a superior, low cost loan product in a markedly faster timeframe than the typical 30-45 days for loan approval. Applicants can be pre-qualified within seconds after answering four initial questions, and if eligible, can complete the entire loan application online. A term sheet can be issued to a small business loan applicant within 2-5 days.
The online application was created to be simple, fast, convenient and accessible online, similar to what borrowers have come to expect from entities such as Lending Club or On Deck Capital, but with much more appealing rates and terms. Historically, AmPac’s interest rates range from 4% to 6% with terms as long as 20 years. AmPac offers an ideal, fast solution to small businesses in California seeking new financing avenues at a low cost.
The innovative online tool for loan applications supports AmPac’s mission of financing the growth of small business through personalized services and advocacy utilizing SBA resources. Through these resources AmPac helps to provide small businesses essential access to capital. Inadequate access to capital is one of the top 5 reasons small businesses don’t succeed.
“We’re thrilled to make the small business community in California aware of the benefits of our new online loan application,” said Hilda Kennedy, President, AmPac Tri State CDC. “Our greatest satisfaction is saying ‘Yes’ to promising small businesses when others wish they could. This online application is just one more way we’re able to say ‘Yes’ and help those businesses grow.”
Interested small business entities in Southern California and throughout the state are encouraged to visit http://www.ampac.com/index.php/support-center/get-funded to learn more and apply online.
About AmPac Tri State CDC
AmPac Tri State CDC (http://www.ampac.com), a Certified Development Company of the U.S. Small Business Administration, is a non-profit corporation providing SBA 504 loans and financing to new and growing California businesses. AmPac seeks to finance the growth of small businesses throughout California and help them build wealth and create legacy through the purchase of commercial and industrial real estate. AmPac is a full service partner of the U.S. Small Business Administration and advocates for small businesses by providing small business loans of up to $20 million. AmPac is a unique lending organization in that its board and membership are comprised of financing professionals experienced in turning around companies and investing in new ideas and cutting edge innovation.
