The Lending Department

Since its inception in 1995, BiGAUSTIN has been committed to meeting the unique financial needs of new and existing entrepreneurs.

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As a locally established, non-profit micro-lender, BiGAUSTIN provides loan applicants with a streamlined process resulting in a quick loan decision.

Certification

BiGAUSTIN is the sole SBA micro-lending intermediary in our 15-county area. We are also certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI).

 Start-Up businesses are a liability because they don't have the historical information we use to make decisions. For this reason, we require that Start-Up entrepreneurs have a second source of income other than the business. (A second job, a spouse, retirement fund, savings, etc.)  Lack of history requires contracts or executed letters of intent documenting the majority of projected sales; this means that both credit and collateral must be excellent.

Start-Up businesses are a liability because they don't have the historical information we use to make decisions. For this reason, we require that Start-Up entrepreneurs have a second source of income other than the business. (A second job, a spouse, retirement fund, savings, etc.)

Lack of history requires contracts or executed letters of intent documenting the majority of projected sales; this means that both credit and collateral must be excellent.

 If you wish to apply, you must:  Be at least 21 years of age,  Have more than 51% interest in your business,  Have the business located in the regions BiGAUSTIN serves,  Be a for-profit business,  Be unable to qualify for / afford a conventional bank loan,  Have a written business plan,  Be a U.S. citizen / legal resident / "Stateside" foreign owned business,  Be in good standing on federal, state, county, and municipal taxes,  Carry full auto and liability insurance,  Have no active bankruptcy.

If you wish to apply, you must:

Be at least 21 years of age, 
Have more than 51% interest in your business, 
Have the business located in the regions BiGAUSTIN serves, 
Be a for-profit business, 
Be unable to qualify for / afford a conventional bank loan, 
Have a written business plan, 
Be a U.S. citizen / legal resident / "Stateside" foreign owned business, 
Be in good standing on federal, state, county, and municipal taxes, 
Carry full auto and liability insurance, 
Have no active bankruptcy.

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 Capitol • Capacity • Credit • Character • Collateral  Capitol: The borrower’s equity interest in the business and business loan.  Capacity: The businesses ability to repay projected debt service.  Credit: The borrower’s willingness and ability to pay.  Character: False or unrealistic statements on applications and outstanding legal issues will count against an applicant’s character. Good character is shown by references, a clean workplace, and business experience.  Collateral: Individual or business assets that can be used to secure the requested loan.

Capitol • Capacity • Credit • Character • Collateral

Capitol: The borrower’s equity interest in the business and business loan.

Capacity: The businesses ability to repay projected debt service.

Credit: The borrower’s willingness and ability to pay.

Character: False or unrealistic statements on applications and outstanding legal issues will count against an applicant’s character. Good character is shown by references, a clean workplace, and business experience.

Collateral: Individual or business assets that can be used to secure the requested loan.

 • Fill out a Pre-Qualification Application below.  • Once you are pre-qualified, schedule an appointment with our a Loan Officer so you can pick up application forms and go over supporting documentation requirements.  • Processing of the application will take 2-4 weeks.  • If you are approved, we will prepare the legal documentation and schedule a closing date.  •At closing, we'll present you with the check.

• Fill out a Pre-Qualification Application below.

• Once you are pre-qualified, schedule an appointment with our a Loan Officer so you can pick up application forms and go over supporting documentation requirements.

• Processing of the application will take 2-4 weeks.

• If you are approved, we will prepare the legal documentation and schedule a closing date.

•At closing, we'll present you with the check.

 Why we require future clients to submit pre-qualification applications.  • The short application allows us to run a credit report, get an approximate view of the current financial situation, and go over a few eligibility questions.  • In short, the pre-qualification application allows us to insure that there are no "show-stoppers" before you spend your valuable time on the complete application.  •Fill out the Pre-Qualification form below to get started on a path to success.

Why we require future clients to submit pre-qualification applications.

• The short application allows us to run a credit report, get an approximate view of the current financial situation, and go over a few eligibility questions.

• In short, the pre-qualification application allows us to insure that there are no "show-stoppers" before you spend your valuable time on the complete application.

•Fill out the Pre-Qualification form below to get started on a path to success.

All loans require collateral.
The loan amounts we give differ:

Start-Up Business (min 3 months of operation): up to $15,000
Existing Business (min 1 year of operation): up to $50,000

A Couple Things You Need to Know.

Our terms are 1 - 6 years for the payback period and loan clients are able to pay the minimal direct costs associated with their loan processing.