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06-18-2020, 06:24 PM #1
- Join Date
- Feb 2020
- Location
- Anaheim, CA
- Posts
- 85
LoanMe has removed temporary SIC code restrictions, PPP loans are OK!
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.Last edited by LoanMe_JG; 06-18-2020 at 06:35 PM.
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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