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AltCap Modifies Fast Start Loan to Assist Business Impacted by Coronavirus (Press Release)

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AltCap Modifies Fast Start Loan to Assist Business Impacted by Coronavirus

AltCap, a Kansas City based Community Development Financial Institution, has modified it's Fast Start Loan program to assist small businesses negatively impacted by the Coronavirus outbreak. The Fast Start Loan (up to $20,000) to help meet the immediate capital needs of entrepreneurs and small businesses.

Features of the Fast Start Loan include:

  • Shorter processing time (48 hours) 
  • Interest rate is 5% for first 12 months (interest only first 3 months); 8% after 12 months
  • No payments for first 30 days
  • 1% loan origination fee
  • 1 - 3 year loan term
  • No pre-payment penalties 

To qualify for Fast Start, applicants should have: 

  • Business in good standing
  • Debt-to-Credit (DTC) ratio <=50% 
  • Income verification (past 3 months of bank statements and past 2 years of tax returns)
  • Other criteria may apply

Visit AltCap's website for more information and to apply.

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