Southland is now offering microloans for as much as $25,000
Any for-profit small business that needs capital to expand their business, purchase equipments or consolidate their existing debt. The business must not be defined as an ineligible business as shown in CFR 120.110.
What is the loan amount?
Minimum of $5000 and a maximum of $25000.
What is the term?
Flexible loan term for as long as 60 months. No prepayment penalty.
What is the rate?
Rate as low as 6% and up to 17% dependent on individual credit score, strength of business, collateral and use of proceeds.
Are there any fees?
There is one-time application fee of $500 upon approval.
What documentation you need?
1. Simple application form.
2. Most recent personal tax return.
3. Most recent business tax return.
When will I find out if my loan has been approved?
Upon receipt of a complete application you will find out within 1 business day the status of your loan approval
When will I receive the funds?
Within 5 business days of loan approval, subject to execution of loan documents.
How do I apply?
Complete the application form and submit the form along with the requested tax returns to our email address at firstname.lastname@example.org