Hybrid Microloan

 
 

At a Glance

If you're a small business owner or a qualified non-profit in Upper Manhattan looking for pandemic relief, the UMEZ Hybrid Microloan is the perfect financing solution. Our Microloan ranges from $10,000 to $50,000 and is designed to help small businesses and non-profits stabilize after the effects of COVID-19. Our Microloan is available as senior or subordinate financing, giving you the flexibility and options you need to sustain and grow.

  • Competitive low-interest rates: Our Hybrid Microloan offers some of the most competitive interest rates in the industry, making it affordable for qualified borrowers to access capital.

    Flexible repayment schedules: We offer flexible repayment schedules that can be tailored to your business needs, giving you the ability to pay off the loan on terms that work for you. Most borrowers are offered a 5-year (60 months) term.

    Loan forgiveness: Up to 25% of the loan can be converted into a grant for qualified borrowers. No other lender offers this benefit.

    Senior or subordinate financing: We offer senior or subordinate financing, enabling you to choose the best option.

    Business growth opportunities: With our Hybrid Microloan, you can invest in your business and use it towards payroll, equipment upgrades, technology upgrades, and more!

  • LOAN REQUIREMENTS

    • Existing commercial lease with at least two years of operations (no home-based businesses or virtual businesses)

    • Have an annual gross revenue/operating budget of more than $100,000

    • Personal guaranty

    • Positive business operating income

    • No tax liens or judgments against the business entity or owners

    • Must be located in Upper Manhattan

    • Submission of Personal Finance Statement

    DOCUMENTATION REQUIREMENTS

    • Loan Application Form.

    • Most recent 3-months bank statements for each guarantor.

    • Interim Financial Statement for current year.

    • Cancelled checks for most recent 3-months of rent payments for the commercial lease.

    • Copies of signed corporate federal and New York State tax returns for the two most recent years. For Non-Profits, the IRS Form 990, 990EZ, or 990N

    • Copies of signed federal and state tax returns for the two most recent years for each guarantor.

    • NYS-45-ATT Wage Reporting Form for the most recent quarter.

    • Schedule of Ownership: Name(s), address, social security number, phone number, email, percentage of ownership, and photo ID for anyone with 20% or more ownership.

    • Evidence of legal formation of entity (Articles of Incorporations and/or By laws)

    • Copy of current commercial lease.

    • Non-Profits must also include the following: Board approved operation budget for the current fiscal year.

  • The process begins informally with a discussion with a BRISC lending officer. After the project is deemed appropriate, an application and any pertinent project-related information that may be requested are submitted to begin the underwriting process. The underwriting process ends with final loan approval by the BRISC Loan Committee.

    The entire process typically requires two to three months to complete.

    • The review and approval process is summarized below:

    • Discussion with a UMEZ loan officer

    • Application submission and due diligence

    • BRISC Loan Committee approval

    • Closing Process

  • The Hybrid Microloan application is available online. Click here.