| Service Area |
City of St. Petersburg |
| Loan Amount |
$15,000 maximum |
| Loan Access |
Direct/Guaranteed Loan |
| Use of Funds |
Business assets purchase,
working capital |
| Ineligible Use of
Funds |
Loan refinancing
Personal Use |
| Job Creation |
Information to be provided
by Lender |
| Eligible Borrower |
Small Business owned and
operated within the City of St.Petersburg. |
| Ineligible Businesses |
Not-for Profit, religious
organizations, adult entertainment, bars or lounges
or business deriving more than 10% of revenue from
sales of alcoholic beverages. |
| Repayment Terms |
Negotiated
Not to exceed 36 months, monthly installments (P&I) |
| Interest Rate |
Not to exceed WSJ's prime
plus 2.5% at a fixed rate |
| Collateral |
Business and/or personal
assets;
Personal guarantees, cross collateralization |
| Borrower's Equity |
10% at a minimum |
| Application Fee |
$200.00 nonrefundable
($25.00 Application fee and $50.00 Processing Fee) |
| Commitment Fee |
None |