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Community
Express FACT SHEET |
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| Loan Amount | $25,000-$250,000 |
| Product Type | •Prime LinePrime LoanEquipment LoanTerm Loan Commitment |
| Interest Rate, >$50,000 | •Prime
Lines - Prime + 2.25% (5 year term) •Term Loan Products - Prime + 2.25% (Less than 7 years) •Prime + 2.75% (7-10 years) |
| Fees | PrimeLines •Wells Fargo Origination Fee: 1% of full line amount •Wells Fargo Annual Fee: ½% of full line amount •SBA Guarantee Fee: $25,000-$100,000-2% of guaranteed amount •Filing Fees: Usually $50 |
| Monthly Payment | •PrimeLines - Interest onlyAll other loan products - Principal + Interest |
| Payment Method | •Automatic transfer from a Wells Fargo business checking account |
| SBA Eligibility | •Women or Minority owned and businesses in Los-Moderate Income areas |
| SBA
Guarantee |
•PrimeLines
- $25,000-$100,000 80% of total line amount for five years •PrimeLines - $101,000-$250,000 75% of total line amount for five years • Term Loan Products - $25,000-100,000:80% total loan amount for term of loan •Term Loan Products - $101,000-250,000:75% total loan amt. for term of loan |
| Minimum Requirements | •FICO
Score 650-680 • 2 Years Management Experience • Funds Flow: 1.20x current year,interim & projections, 1.00x two full year average for lines of credit • Leverage 10:1 or appropriate for industry |
| Other Requirements | •Personal
guarantees by min 51% ownership & all owners of 20% or more •Security Agreement in Business Assets • Technical Assistance Action Plan must be prepared by 3rd Party Intermediary approved by Bank and SBA • Periodic credit reviews •Existing WFB Debt can be refinanced if: •The existing BLN, PLN or term loan no longer meets the borrowing needs of the borrower (i.e. the business has grown). • The loan being refinanced is a line of credit or a term loan (for term loans, there must be a minimum of a 20% savings in the payment amount). •The debt to be refinanced has not been more than 29 days past due for the past 2 years. |
| Note | Community
Express lines/loans can not total more than $250,000. •A borrower should not have more than one Primeline. •A line.loan is not eligible for Community Express if a conventional WFB loan has been granted within the last 90 days. |
|
Compensation |
•Standard compensation, expect fees can not be reduced |