THE
BCF
MICROLOAN
PROGRAM
INTRODUCING THE BCF MICROLOANS PROGRAM
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Looking for low-interest funds to help your business grow? Need to expand, but also need capital?
We're here to help.
Check out our Microloans Program. See below for more information.
BCF Microloans Program Snapshot
Are you a small business owner looking for money to expand your business? Curious about how a microloan can help you grow? Let Wells Fargo and BCF help.
Microloans Program Overview
Size: $10,000 to $100,000
Purpose: Working Capital, IT upgrade, Equipment, Inventory and other uses acceptable to BCF
Payments and Term: Principal and interest for up to 5-year term
Minimum Requirements:
- 2018, 2019 & 2020 business and personal tax returns or 1040 with schedule C (just the 2019 and 2020 tax returns for loans up to $15,000)
- At least 3 years in business (2 years for loans up to $15,000)
- Last 3 months business bank statements
- NMSDC Certification
- Two forms of identification, and other documents as necessary
- No bankruptcies
- No tax liens and/or judgments for at least 3 years
- Personal guarantee required
| | "In This Together" Microloan Fund |
| Loan Range: | $10,000 up to $15,000 |
| Loan Type: | Term Loan |
| Terms: | 3 years |
| Repayment: | Monthly P&I with auto payment deduct |
| Time in Business: | Two full years with filed tax returns including the most recent fiscal year (2020) |
| Purpose: | Equipment, IT Upgrade, relocation, leasehold improvements, inventory, working capital and other uses acceptable to BCF. $15,000 (For IT related purposes only) |
| Collateral: | Unsecured with a Personal Guarantee |
| Fees: | No Application Fee, $500 documentation fee deducted from loan proceeds. |
| Rates: | 3% fixed with auto deduct. If the borrower does not elect to use auto-deduct, the rate will be 5%. The 3% interest rate is promotional and good until program funds are exhausted. Upon renewal of the fund, the interest rates may vary based on market conditions at the time of the loan. |
| Personal Guarantees: | Required for all owners of 10% or higher |
| Credit Score: | Minimum aggregate average FICO score of 620. If the business has 1 owner and their FICO score is below 620, then a guarantor will be required to have a minimum FICO score of 620. |
| Judgments/ Tax Liens/ Bankruptcy: | No Tax Liens and/or judgments filed against the business and/or owners the last 3 years. Business and owners have no prior bankruptcies. No unresolved tax liens over $5,000. |
| Application Process: | Online Application via BCF Website |
| Documents Required: | 2019 & 2020 business and personal tax returns or 1040 with schedule C, last 3 months business bank statements, NMSDC Certification, 2 IDs, other documents may be required |
| Time to Funding: | Up to 10 business days from loan approval |
| Program Launch: | November 9, 2021 |
| Wells Fargo Open For Business Microloan Fund | |
| Loan Range: | $15,001 up to $75,000 |
| Loan Type: | Term Loan |
| Terms: | Up to 5 years |
| Repayment: | Monthly P&I with auto payment deduct |
| Time in Business: | Three full years with filed tax returns including the most recent fiscal year (2020) |
| Purpose: | Equipment, IT Upgrade, relocation, leasehold improvements, inventory, working capital and other uses acceptable to BCF. |
| Collateral: | Lien position on all business assets |
| Fees: | No Application fee, 1.5% facility fee, deducted from loan proceeds. Minimum facility fee $500. |
| Rates: | 3% fixed with monthly automatic payments via ACH. If the borrower does not elect to use automatic payments, the rate will be 5%. The 3% interest rate is promotional and good until program funds are exhausted. Upon renewal of the fund, the interest rates may vary based on market conditions at the time of the loan. |
| Personal Guarantees: | Required for all owners of 10% or higher |
| Credit Score: | Minimum aggregate average FICO score of 620. If the business has 1 owner and their FICO score is below 620, then a guarantor will be required to have a minimum FICO score of 650. |
Judgments/ Tax Liens/ Bankruptcy: | No Tax Liens and/or judgments filed against the business and/or owners the last 3 years. Business and owners have no prior bankruptcies. No unresolved tax liens over $5,000. |
| Application Process: | Online Application via BCF/NMSDC Websites |
| Documents Required: | 2018, 2019 & 2020 business and personal tax returns or 1040 with schedule C, last 3 months business bank statements, NMSDC Certification, 2 IDs, other documents may be required |
| Time to Funding: | Up to 10 business days from loan approval |
| Program Launch: | November 9, 2021 |
| BCF Microloan Program up to $100,000 | BCF Conventional Loan Program | |
| Loan Range: | $75,001 up to $100,000 | $100,001 - $1,125,000 |
| Loan Type: | Term Loan | Term Loan/Line of Credit |
| Terms: | Up to 5 years | Up to 5 years. Up to 7 years on a case-by-case basis. |
| Repayment: | Monthly P&I with auto payment deduct | Monthly P&I/Interest only both with auto payment deduct |
| Time in Business: | Three full years with filed tax returns including the most recent fiscal year (2020) | Three full years with filed tax returns including the most recent fiscal year (2020) |
| Purpose: | Equipment, IT Upgrade, relocation, leasehold improvements, inventory, working capital and other uses acceptable to BCF. | Equipment, IT Upgrade, relocation, leasehold improvements, inventory, working capital and other uses acceptable to BCF |
| Collateral: | Lien position on all business assets | 1st Lien position on all business assets. A second position lien may be considered on a case-by-case basis. Outside collateral may be required. |
| Fees: | No Application fee, 1.5% facility fee, deducted from loan proceeds. Minimum facility fee $500. | $350 application fee, 1%-2% facility fee (May be paid with loan proceeds) |
| Rates: | 6% - 9% fixed with auto payment deduct. If the borrower does not elect to use auto-deduct, the rate will be 2% higher. The rates are indicative only and may vary based on risk and market conditions at the time of the loan. | Term Loans: 6% - 10% fixed, LOC- Prime + 3% with a 6% floor and auto payment deduct. If the borrower does not elect to use auto payment deduct, the rate will be 2% higher. The rates are indicative only and may vary based on risk and market conditions at the time of the loan. |
| Personal Guarantees: | Required for all owners of 10% or higher | Required for all owners of 10% or higher |
| Credit Score: | Minimum aggregate average FICO score of 650. If the business has 1 owner and their FICO score is below 620, then a guarantor will be required to have a minimum FICO score of 680. | Minimum aggregate average FICO score of 650. If the business has 1 owner and their FICO score is below 650, then a guarantor will be required to have a minimum FICO score of 680. |
| Judgments/ Tax Liens/ Bankruptcy: | No Tax Liens and/or judgments filed against the business and/or owners the last 3 years. Businesses and owners have no prior bankruptcies. No unresolved tax liens over $5,000. | Tax liens and judgments will be considered on a case-by-case basis. No bankruptcies within the last 5 years. |
| Application Process: | Online Application via BCF Website | Online Application via BCF Website |
| Documents Required: | 2018, 2019 & 2020 business and personal tax returns or 1040 with schedule C, last 3 months business bank statements, NMSDC Certification, 2 IDs, other documents may be required | 2018, 2019 & 2020 business and personal tax returns or 1040 with schedule C, last 3 months business bank statements, NMSDC Certification, 2 IDs, other documents may be required |
| Time to Funding: | Up to 10 business days from loan approval | 2-6 weeks from approval depending on the complexity of the deal |
| Program Launch: | November 9, 2021 | Ongoing |
The Process is Easy. Email us if you need help.
- If you're not NMSDC-certified, apply for certification here.
- $10,000 to $15,000
- $15,001 to $75,000
- $75,001 to $100,000
- $100,001 - $1,125,000
- Equipment
- Information Technology Upgrades
- Relocation
- Leasehold Improvements
- Inventory
- Working Capital
- Other uses acceptable to BCF (call or e-mail BCF for information)
- No prior bankruptcies
- No tax liens and/or judgments filed against you or your business
- No unresolved tax liens over $5,000
- Tax returns
- Business bank statements
- NMSDC Certification
- Two forms of identification
- Note: Other documents may be required
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1345 Avenue of the Americas, 33rd Floor
New York, NY 10022
212-243-7360
