Loan Services


What We Look For

  • People passionate about their existing business
  • 3+ months of business operations
  • Cannot receive financing from traditional sources
  • Reside in the Greater Boston Area

Loan Characteristics

  • $500 to $10,000 in amount
  • average first loan amount is under $5,000
  • 6 to 24 months in maturity
  • Case specific interest rates (10% to 12.5%)

How it works

In order to be considered for a loan, the applicant must complete the loan application process in its entirety. After requesting a loan application from the BMG, a loan officer will reach out to the applicant and further discuss the application process. This process includes completing the physical application, attending interview(s), and submitting any relevant documents.

After gathering the required documents and meeting with the applicant, the loan officers will conduct risk analysis on the potential loan. The loan officers will agree upon a final decision and draft a loan summary which is then sent to the loan approval board for review. The board conducts their own analysis of the potential loan and then confers with the loan officers to make a final decision. This application process is intended to be as simple as possible so that a decision may be provided to the client in a timely manner.

 

Client Meeting Expectations:

If you are selected to continue in our loan approval process, the Bentley Microfinance Group will assign a team to your particular business venture and they will be responsible for all aspects of your underwriting process. A very important step in our underwriting process is an in person interview, which typically takes place at Bentley University. During this interview, the team that assigned to your application will interview you regarding, among other things, your business and need for financing.

Required documents include:

It is important that, as an applicant, you provide as much objective and verifiable data as possible. It is these objective metrics, which may include, but are not limited to, the below items.

  • Proof of identification (Driver’s License, Passport, etc)
  • Bank statements (last three months)
  • Last year’s tax returns
  • Any relevant information used to track business sales (accounting/sales software, receipts, notebooks, etc.)
  • Any written business plan you made before beginning operation
  • An itemized list of what the loan will be used for along with corresponding dollar values and planned place of purchase
  • Last pay stub (if the client and/or co-signer has another job)
  • If the client will have a co-signer, the cosigner should also be present at the meeting. 

Ready to apply?

Click here to go directly to our loan application and learn more about the loan process.