Any for-profit business owner (and authorized signer) with an established business, who either has or intends to establish a primary banking relationship with Amalgamated Bank, can apply for a Small Business Term Loan or a Small Business Line of Credit.
Amalgamated Bank offers small business owners secured financing options ranging from $25,000 to $500,000 through a Small Business Term Loan or a Small Business Line of Credit.
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 a US government issued personal identification for all owners in the application, the business certificate or articles of formation, the business operating agreement and financial statements, and 2 years of business and tax returns for all owners in the application. Lastly, a personal guarantee is also required.
Yes, financial statements will be requested to complete the application: 2 years of business tax returns and personal financial statements.
There is an origination fee for both Small Business Term Loan and Small Business Line of Credit; this fee is $750.00 for loan amounts up to $150,000 and 0.5% of the loan amount for loans over $150,000.
You will receive the 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.
Yes, you can apply for another loan or line of credit at any time.
