Any for profit business owner (and authorized signer) who has a primary banking relationship with Amalgamated Bank or wishes to have one can apply for a small business loan.
Amalgamated Bank provides small business owners with access to secured financing options from $25,000 to $500,000 with a Term Loan or a 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 term loan and line of credit; this fee is $750.00 for loan amounts under $100,000 and 1% of the loan amount for loans over $100,000. However, for applications submitted between December 1, 2023 and December 31, 2023, the origination fee for approved loans and lines under $100,000 will be $250.00 and for approved loans and lines in excess of $100,000, 0.25% of the loan or line amount.
You will receive the loan proceeds once the loan application is approved and an Amalgamated Bank checking account is available to disburse the funds.
Yes, if your business is still approved for credit, you can apply for more loans any time.