Borrower:

The Diverse Business Loan will fund businesses and entrepreneurs throughout Bedford, Blair, Cambria, Fulton, Huntingdon and Somerset Counties. Minority owned, women owned, veteran owned, service disabled veteran owned, disabled owned, LGBT owned, and
small diverse business

Size:

$1,500 to $35,000

Interest Rate:

5.0% – 7.75%

Term:

12 – 72 months

Use:

Initial start-up costs, inventory/equipment, building
acquisition, renovation, lease space, working capital, etc.

Underwriting:

Will be evaluated based on risk rating which includes:
personal net worth, global debt service coverage,
collateral, credit score, liquidity, experience, equity, and
profitability

Collateral:

UCC-1 filing, mortgage (if appropriate)

Guarantor(s):

Required owner personal guaranty; additional outside guarantors may be required.

 

The loan proceeds will be used by start-up businesses for initial expenses such as licenses, a computer, accounting and other software, business insurance, initial lease payment, professional
services for legal and accounting support, land and building acquisition, leasehold improvements, furniture and small equipment purchases and/or working capital for cash flow.

The Diverse Business Loan will fund diverse businesses that are typically sole proprietorships, and LLCs from the earliest stages of start-up to existing entities positioned for growth. Some of these
entrepreneurs have a secondary, and even a tertiary, source of income to cover their personal expenses while they start or grow their business to a level where the busienss’s income is stable.

These sources of income might come from an additional job(s) or from a family member.

Existing business may use loan proceeds to fund expansion costs such as land and building acquisition, leasehold improvements, additional fixtures, equipment and inventory, initial lease
payment for larger space and/or working capital to hire additional employees.

In both cases, additional guarantors may be required.

This institution, JARI Growth Fund, is an equal opportunity employer and lender.

JGF Diverse Business Loan Product