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06-02-2020, 06:47 PM #1
- Join Date
- Feb 2020
- Location
- Anaheim, CA
- Posts
- 85
LoanMe is lending!
I've noted some temporary guidelines regarding states and SIC codes below. While we are performing extra diligence on files and have some additional layers to our underwriting process, LoanMe is absolutely lending.
Feel free to reach out via the info in my signature if you'd like to discuss an ISO partnership.
States List: 28 states (we will not be funding LA and NJ at this time)
States we will be considering= AL, AZ, CA, DC, DE, HI, ID, IL, IN, IA, KS, KY, ME, MD, MS, MO, NE, NH, NM, NC, OH, OR, SC, UT, VA, WA, WI, WY
Industries LoanMe will take a look at:
SIC Description SIC Description Agriculture, Forestry, Fishing Transportation and Public Utilities 01xx Agricultural Production Crops 40xx Railroad Transportation (commercial) 02xx Agriculture production livestock and animal specialties 42xx Trucking and Warehousing 074x Veterinary Services 44xx Water Transportation (Freight); Excludes 448x-Water transportation of Passengers 078x Landscape And Horticultural Services 49xx Electric, Gas and Sanitary Services 07xx Agricultural Services 091x Commercial Fishing Wholesale Trade 50xx Wholesale Trade-Durable Goods; Excluding 501x Motor Vehicles and MV parts/supplies AND 502x Furniture and Home furnishings Construction 51xx Wholesale Trade- Nondurable Goods; Excluding 513x Apparel, piece goods and notions 15xx Building Construction General Contractors And Operative Builders 16xx Heavy Construction other than Building Construction Contractors Retail Trade 17xx Construction Special Trade Contractors 52xx Building Materials, Hardware, Garden Supplies 54xx Food Stores Manufacturing 553x Auto and Home Supply Stores 20xx Food and Kindred Products 591x Drug Stores And Proprietary Stores 21xx Tobacco Products 592x Liquor Stores 24xx Lumber and Wood Products 26xx Paper and Allied Products Finance, Insurance, Real Estate 27xx Printing, Publishing and Allied Industries 64xx Insurance Agents, Brokers, And Service 28xx Chemicals and Allied Products 29xx Petroleum and Coal Products Services 30xx Rubber and Misc. Plastics Products 721x Laundry, Cleaning, And Garment Services 32xx Stone, Clay and Glass Products 726x Funeral Service And Crematories 33xx Primary Metal Industries 7291 Tax Return Preparation Services 34xx Fabricated Metal Products 7342 Disinfecting and Pest Control Services 35xx Industrial And Commercial Machinery And Computer Equipment 737x Computer Programming, Data Processing, And Other Computer Related Services 36xx Electronic And Other Electrical Equipment And Components, Except Computer Equipment 7381 Detective, Guard, and Armored Car Services 37xx Transportation Equipment 7382 Security Systems Services 38xx Measuring, Analyzing, And Controlling Instruments; Photographic, Medical And Optical Goods; Watches And Clocks 80xx Health Services 39xx Miscellaneous Manufacturing Industries 81xx Legal Services 871x Engineering, Architectural, And Surveying 872x Accounting, Auditing, and Bookkeeping Services *Bold Text Denotes Categories- Only businesses listed below these categories will be allowed. 873x Research, Development, And Testing Services Joel S Galasso
Senior National Accounts Manager
Small Business Loans
Main: 949-535-7798 | business.loans@loanme.com
1900 S. State College Blvd. Suite 300 Anaheim, CA 92806
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06-18-2020, 06:40 PM #2
- Join Date
- Feb 2020
- Location
- Anaheim, CA
- Posts
- 85
LoanMe has lifted our temporary SIC Code guidelines!
All for-profit businesses are once again being considered and we can work with those who took out a PPP loan.
Our loan sizes range from $3500-$250K, terms between 24-120 months, monthly payments, and interest rates between 14.9-159% with no early repayment penalties.
Our general submission guidelines include:
- For-profit businesses, no industry restrictions.
- Must be in business for at least the past 90 days.
- Must have a business bank account with at least 90 days of seasoning.
- Any valid FICO return. FICO scores of 600+ are encouraged to help the borrower get pre-qualified for one of our stronger tiers.
- Discharged bankruptcies are OK; no Open or Dismissed bankruptcies.
- Borrower must hold minimum 25% ownership of business.
We are performing additional diligence on files during the pre-qual and underwriting processes in regard to the impact of the pandemic on the business.
At this time we are lending in AL, AZ, CA, DC, DE, HI, ID, IL, IN, IA, KS, KY, ME, MD, MS, MO, NE, NH, NM, NC, OH, OR, SC, UT, VA, WA, WI, WY. (Lending in NJ and LA is temporarily paused due to the pandemic.)
If you'd like to learn more and sign up as a LoanMe ISO partner please send me an E-mail to the address below with "Hey Joel! I want to sign up!" in the subject line. :-)
Cheers and all the best.Joel S Galasso
Senior National Accounts Manager
Small Business Loans
Main: 949-535-7798 | business.loans@loanme.com
1900 S. State College Blvd. Suite 300 Anaheim, CA 92806
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