Any significant controller of a nonprofit organization can apply for a Nonprofit Secured Term Loan or a Nonprofit Secured Line of Credit.
Amalgamated Bank provides nonprofit organizations with Nonprofit Secured Line of Credit and Nonprofit Secured Term Loans, available in amounts ranging from $100,000 to $1,000,000.
A primary business banking relationship with Amalgamated Bank is required; if your business does not have an account with us already, we will open one for you upon approval of your loan.
You will also need:
- Government issued Personal Identification for all controlling parties
- Articles of Organization/Certificate of Incorporation
- Business Operating Agreement
- 3 Years of Business Tax Returns (990)/Accountant Prepared Financial Statements
Your nonprofit will receive loan proceeds once the loan application is approved, loan documents are executed, and an Amalgamated Bank Business Checking account is available to disburse the funds.
There is an origination fee for both Nonprofit Secured Term Loan and Nonprofit Secured Line of Credit; this fee is 1% of the loan amount.
Yes, you can apply for another loan or line of credit at any time.