FREQUENTLY ASKED QUESTIONS

1. How do I apply for a loan?

2. What is your interest rate and loan terms?

3. How long does the loan review process take?

4. What is your service area?

5. What if I have bad credit?

6. What are the collateral requirements?

7. Are you a government agency?

8. What are the fees and costs to get a loan?

9. Do you loan to start-up businesses?

10. What can I use loan proceeds for?

Once the pre-application form is received, TCEF staff will verify that the applicant and the project meet TCEF loan eligibility criteria. If the applicant and the project are eligible, a complete loan application package will be forwarded to the applicant.

The applicant is requested to complete the full application and provide a completed business plan along with business and personal financial statements; tax returns; and appraisals for equipment, land, and other business assets.

Once your application has been received and reviewed by a loan officer, he or she will contact you to talk about your business, gather more information, and explain the TCEF small business micro loan process in more detail.

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The complete cycle from submission of a complete loan application and supporting information to final decision by the Loan Review Committee and Board (including staff review, analysis and recommendation) usually takes no more than 30 to 60 days.

How long the actual process takes depends largely on whether the applicant provides all the documentation necessary for TCEF to process a loan application. For this reason, applicants are advised to contact TCEF staff early on to discuss their loan proposal.

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We review for credit history during our assessment of your loan application. A flawed credit history (with collections, judgments, or delinquent taxes) may be reason for denial. If a recommendation to approve the loan is made despite these factors, all of the extraordinary circumstances and efforts to cure must be documented.

A past bankruptcy will not necessarily disqualify you from consideration for a loan if the circumstances behind the bankruptcy were attributed to such situations as death, divorce, and other extenuating circumstances where an effort was made to rectify the situation.

The applicant must not have current, reoccurring late payments. It is recommended that a detailed explanation accompany the application to explain the report.

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TCEF will secure adequate collateral for all loans where necessary. The amount and type of collateral acceptable is at the discretion of TCEF and is generally sufficient to assure repayment of the loan. Personal assets may be required as collateral where business assets are inadequate.

In order to provide the maximum protection possible, TCEF will always obtain personal guarantees from the owner(s) for each loan. These guarantees are required even if the loan collateral appears to be adequate.

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Treasure Coast Enterprise Fund, Inc. is a private non-profit corporation. We are not a bank but a community development loan fund. As an emerging community development financial institution, we receive funding from public and private sources and lend this money to small businesses in economically distressed communities.

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To apply, TCEF charges a $35 credit analysis fee (per applicant/guarantor) in order to process and review the application. This helps cover the cost of reviewing the application and ordering a credit report.

Once you are approved for a loan, a 2% loan origination fee will be charged. Professional services fees which are necessary and customary to prepare the application package and to close the loan are assessed. The origination fees can be included in the loan amount and deducted from the proceeds prior to disbursement to the borrower.

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10. What can I use loan proceeds for?

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