The program’s primary mission is to improve access to financing for small business owners in need, in a quick and expeditious manner. The borrowers will utilize a streamlined, in-person application to apply for Business Term Loan, Lines of Credit or Emergency Micro Loans. The loans will be intentionally affordable with interest rates well below market rates. This program will support loan affordability, it will reduce barriers, support financial independence, and help build lasting relationships between the bank and the business owners.

Eligibility of credit approval will not be solely reliant on credit score thresholds.  Rather, credit counseling will be available for those borrowers who need assistance through the Bank’s Financial Empowerment Program. The Bank has built a financial empowerment component into the program with the intent to clear a path for the borrower to gain financial independence and sustainability in the future.

Businesses will be eligible to participate if they are in the designated Midtown Kingston Area, have at least one year of operational revenue generation, annual revenues of $750,000 or below, and who are not considered a prohibited business.

Supported by the NoVo Foundation

Some of the program benefits included are:

• • Streamlined in-person application, the Banker can come to you
  • Affordable interest rates at 2%
  • Loans will not require collateral
  • Term loans with flexible repayment schedules, from 12 to 60 months, in any amount from $10, 000 up to $50,000
  • Lines of Credit in any amount from $10,000 to $50,000
  • Emergency Micro Loans in any amount from $2,000 up to $10,000
  • Quick and easy turnaround times
  • Assigned Loan Officer who will offer support throughout the entire process and beyond
  • Free Financial Education available
  • No Penalty for early repayment
  • Free business counseling services available