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NewAllen Alliance
Required Information
- Borrower must provide
the last three (3) years of tax returns for the business and the
last three (3) years of personal tax returns for the owners of
more than 10% of the business. In case of a new business
enterprise then three (3) years of projections. The
Financial information must show ability to repay the loan.
- Satisfactory credit
repayment history for both the business entity and the owner(s).
- Statement of the purpose
of the loan.
- Statement detailing the
nature of the collateral being offered including a description,
serial numbers if available and estimated value.
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Terms and
Conditions
- Interest rate is to be
set at 75% of the National Prime rate as listed in the Wall
Street Journal as of the date the loan is approved by the
NewAllen Alliance Board of Directors. The rate will be
fixed for the term of the loan and/or not longer than 5 years.
- Repayment is to be made
over a period of no more than 5 years.
- Payments must be made
monthly
- Borrower must sign a
Promissory Note, Security Agreement and any other Documents
required. Borrower must provide current Resolution showing
the individuals who have the power to sign the documents
indebting the Corporation and/or Organization.
- The NewAllen Alliance
requires all loans to be secured by acceptable collateral
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