Bajo Tierra uses locally-grown, organic ingredients, and was borne out of a passion for preserving excess produce that would otherwise go to waste. Its a chance to support local growers, create new job opportunities, and keep local food out of landfills, said Smith of the business. All while providing unique, local food to the community. While Bajo Tierras kimchi is already available at some local farmers markets, Smith and Madril have big dreams for the business and its impact on the Tucson communityand the Community Food Bank is helping to bring those dreams to life. We have all the plans in place, said Smith. We just needed a small amount of capital to get started. Were so grateful to the Community Food Bank and Community Investment Corporation for helping us make this dream a reality. The loan capital will allow Bajo Tierra to rent a commercial kitchen and purchase the equipment necessary to expand their operation. Were excited to be able to support our local food community in a new way, said Michael McDonald, CEO of the Community Food Bank. Its inspiring to see local entrepreneurs working to promote healthy food and reduce food waste. Community Investment Corporation, a local economic development nonprofit and alternative lender, will provide the financial expertise to make the loan program happen. In addition to servicing the loans and assisting with underwriting, CIC has agreed to provide an equal match in loan funds. Investment in peoples entrepreneurial spirit is a powerful way to address community needs, said Danny Knee, Executive Director of CIC. By bringing our organizations two vastly different skillsets together, we can have a far greater impact than if either of us had gone it alone. The loans will range from $500 to $5,000, with competitive, below-market interest rates. The Community Food Bank is now accepting applications for microloans from local food entrepreneurs. Prospective loan recipients whose small businesses support the Community Food Banks mission of building a healthy, hunger-free tomorrow can learn more and apply at communityfoodbank.org/microloans .
How It Works: The line of credit is for account receivable financing to support the work being performed on eligible transportation related contracts. Thus far we have spoken about personal finance aid, but there is also another subclass that serves small and large businesses and these arrangements are made either as small business loans, line of credit, SBA-backed loans, or other financing arrangements designed to ensure liquidity and business capital for business needs. The loan period can range from a minimum of one month up to twelve months, depending on the merits of the transaction. We want to show you short term business loans from as many lenders as possible, so you have plenty of choice. All rights reserved. The interest rate of the loan is a variable rate tied to the Wall Street Journal Prime Interest Rate.
Long-term loans are usually repaid by the company's cash flow over the life of the loan or by a certain percentage of profits that are set aside for this purpose. What Are Short-Term Business Loans? A great benefit of the mechanics of asset based finance, has to be the lower interest rate as it is a secured loan option. This behaviour leads to evergreen lines of credit becoming, in effect, indefinite term loans with a balloon payment of principal that poses risks to both the lender and the borrower. The lender will want, at least, a record of your payment history for other loans you may have had, including payment histories to your suppliers accounts payable and your company's cash flow history for perhaps the last 3-5 years. A revolving credit charge card can use by a business as an alternative to a working line of credit.