Frequently Asked Questions
- – BUSINESS & PERSONAL NAME AND CONTACT INFORMATION
- – BUSINESS INCOME STATEMENT AND BALANCE SHEETS (3 YEARS)
- – INTERIM BUSINESS INCOME STATEMENT AND BALANCE SHEET (90 DAYS OR NEWER)
- – CASH FLOW PROJECTIONS – 2 YEAR PRO-FORMA (PROJECTIONS)
- – BUSINESS TAX RETURNS – (3 YEARS)
- – PERSONAL TAX RETURNS – & W-2’S (3 YEARS)
- – 60 DAYS COMPLETE BUSINESS/PERSONAL BANK STATEMENTS
- – PERSONAL FINANCIAL STATEMENT
- – BUSINESS DEBT SCHEDULE
- – DETAILED DESCRIPTION OF BUSINESS ASSETS WITH ESTIMATED VALUES
- – PURPOSE OF THE LOAN ESTIMATED PROJECT COSTS-USE OF PROCEEDS
- – SCHEDULE OF COLLATERAL
- – BUSINESS PLAN, REQUIRED FOR ALL START-UPS (NEW BUSINESSES)
- – BUSINESS EXECUTIVE SUMMARY (EXISTING BUSINESSES}
- – RESUME
- – COPY OF SOCIAL SECURITY CARD
- – COPY OF STATE ISSUED ID/DRIVER’S LICENSE
Up to 45 business days for loan approval and up to 60 business days to close and fund your loan. (Please note that this timeframe is subject to change and may vary depending on the type of loan request and how quickly we receive all of the required information and documentation.)
Interest rates vary depending on each loan and the associated risk.
12-72 Months; with a Maximum Amortization of up to 30 Years for Commercial Real Estate Purchase.
Please schedule a consultation with a member of our Business Advisory Services Team. They will help give you more guidance on the types of educational and training services we provide. You may also contact one of our community resource partners, an SBDC in your area, for links to resources and templates available to assist you.
Our loan amounts range from $10,000 and up to $2,000,000 respectively.
BBIF does not offer loan products to businesses with less than twelve (12) months of verifiable business revenue (tax returns, financial statements.) We advise start-up business owners to engage with local community resource economic development organizations such as America’s SBDC, SCORE, chamber of commerce, or business incubator. BBIF offers financial literacy education sessions for start-up businesses. To schedule a consultation with our team, visit this link.
To schedule a consultation with our team, visit this link.
Yes, we require a personal guaranty on loans.
Yes, BBIF will file a UCC1 blanket lien on the business assets. Additionally, it may require the borrower to pledge some form of collateral such as a vehicle, home, equipment, inventory, or any assets being purchased with the loan funds.
Yes, after receiving a loan, ongoing technical assistance, as determined by the BBIF, is required after receiving a loan.
We have an overall financial condition viability requirement that includes consideration of client credit score. Therefore, an isolated target credit score is not utilized; however, credit is a part of our loan evaluation, and a credit of 600 is preferred.
- Prepare and gather all of the required documentation to complete your loan application. Contact [email protected] if you have specific questions about the types of documentation we require.
- Once you have gathered and reviewed all the necessary documentation, apply and submit your application through our online application portal.
- We’ll assess your application and documents and then make a decision.
No, we do not provide personal loans.
All of our loans are secured and require collateral and personal guarantees.
There are no pre-payment penalties for most of our loans. However, some SBA loan products are subject to pre-payment penalty based on their structure.
Investment Companies: Loans solely for speculation in commodities, occurrences, real estate, securities, etc.
Character: Loans to applicants of known ill-repute and questionable integrity regardless of security offered.
Loans outside of our market: We only provide loans to businesses located & operating in Florida & Georgia
Gambling
Adult Entertainment: Loans to businesses that present live performances of a prurient sexual nature; or derive directly or indirectly more than de minims gross revenue through the sale of products or services, or the presentation of any depictions or displays of a prurient sexual nature
Bankruptcy: Loans to businesses with principals who have filed bankruptcy within the past 2 years.
Non-Profits: Loans to non-profit businesses (except for non-profit daycares and for-profit subsidiaries).
Multi-Level Marketing or Pyramid Selling Businesses
Defaulted Government Loans: Loans to businesses that have previously defaulted on a Federal loan or federally assisted loans resulting in the Federal government sustaining a loss.
Through Initiate Prosperity, an online, self-paced training platform, BBIF can assist in preparing financial statements or writing a business plan. Please schedule a consultation with a member of our Business Advisory Services Team. They will help guide you on the types of educational resources and training services we provide.
