Tag: Eligibility

7(a) Loan Program Eligibility #business #phone #systems

#sba loan requirements

#

SBA provides loans to businesses; so the requirements of eligibility are based on specific aspects of the business and its principals. As such, the key factors of eligibility are based on what the business does to receive its income, the character of its ownership and where the business operates.

SBA generally does not specify what businesses are eligible. Rather, the agency outlines what businesses are not eligible. However, there are some universally applicable requirements. To be eligible for assistance, businesses must:

  • Operate for profit
  • Be small, as defined by SBA
  • Be engaged in, or propose to do business in, the United States or its possessions
  • Have reasonable invested equity
  • Use alternative financial resources, including personal assets, before seeking financial assistance
  • Be able to demonstrate a need for the loan proceeds
  • Use the funds for a sound business purpose
  • Not be delinquent on any existing debt obligations to the U.S. government

Ineligible Businesses

A business must be engaged in an activity SBA determines as acceptable for financial assistance from a federal provider. The following list of businesses types are not eligible for assistance because of the activities they conduct:

  • Financial businesses primarily engaged in the business of lending, such as banks, finance companies, payday lenders, some leasing companies and factors (pawn shops, although engaged in lending, may qualify in some circumstances)
  • Businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds (except when the property is leased to the business at zero profit for the property’s owners)
  • Life insurance companies
  • Businesses located in a foreign country (businesses in the U.S. owned by aliens may qualify)
  • Businesses engaged in pyramid sale distribution plans, where a participant’s primary incentive is based on the sales made by an ever-increasing number of participants
  • Businesses deriving more than one-third of gross annual revenue from legal gambling activities
  • Businesses engaged in any illegal activity
  • Private clubs and businesses that limit the number of memberships for reasons other than capacity
  • Government-owned entities
  • Businesses principally engaged in teaching, instructing, counseling or indoctrinating religion or religious beliefs, whether in a religious or secular setting
  • Consumer and marketing cooperatives (producer cooperatives are eligible)
  • Loan packagers earning more than one third of their gross annual revenue from packaging SBA loans
  • Businesses in which the lender or CDC, or any of its associates owns an equity interest
  • Businesses that present live performances of an indecent sexual nature or derive directly or indirectly more 2.5 percent of gross revenue through the sale of products or services, or the presentation of any depictions or displays, of an indecent sexual nature
  • Businesses primarily engaged in political or lobbying activities
  • Speculative businesses (such as oil exploration)

There are also eligibility factors for financial assistance based on the activities of the owners and the historical operation of the business. As such, the business cannot have been:

  • A business that caused the government to have incurred a loss related to a prior business debt
  • A business owned 20 percent or more by a person associated with a different business that caused the government to have incurred a loss related to a prior business debt
  • A business owned 20 percent or more by a person who is incarcerated, on probation, on parole, or has been indicted for a felony or a crime of moral depravity

Special Considerations

Special considerations apply to some types of businesses and individuals, which include:

  • Franchises are eligible except when a franchiser retains power to control operations to such an extent as to equate to an employment contract; the franchisee must have the right to profit from efforts commensurate with ownership
  • Recreational facilities and clubs are eligible if the facilities are open to the general public, or in membership-only situations, membership is not selectively denied or restricted to any particular groups
  • Farms and agricultural businesses are eligible, but these applicants should first explore Farm Service Agency (FSA) programs, particularly if the applicant has a prior or existing relationship with FSA
  • Fishing vessels are eligible, but those seeking funds for the construction or reconditioning of vessels with a cargo capacity of five tons or more must first request financing from the National Marine Fisheries Service
  • Privately owned medical facilities including hospitals, clinics, emergency outpatient facilities, and medical and dental laboratories are eligible; recovery and nursing homes are also eligible, provided they are licensed by the appropriate government agency and they provide more than room and board
  • An Eligible Passive Company (EPC) must use loan proceeds to acquire or lease, and/or improve or renovate, real or personal property that it leases to one or more operating companies and must not make any profit from conducting its activities
  • Legal aliens are eligible; however, consideration is given to status (e.g. resident, lawful temporary resident) in determining the business’ degree of risk
  • Probation or parole: Applications will not be accepted from firms in which a principal is currently incarcerated, on parole, on probation or is a defendant in a criminal proceeding




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Oregon Unemployment #oregon #unemployment, #or #unemployment #benefits,or #unemployment #eligibility

#

How to File for Unemployment in Oregon

In recent times a lot of people are faced with joblessness due to stressed economy. If you are one of those in Oregon facing unemployment right now, keep reading this article and learn how to claim for unemployment benefits.

Oregon workers who have been out of work or had their work hours cut may be qualified to collect unemployment benefits. There are certain steps necessary to file for unemployment benefits in Oregon. Carrying out these steps both accurately and timely should let unemployment benefits to be paid without wait.

In a typical unemployment condition, a person claims benefits for a number of weeks until returning to work. With a lay off, a person claims one week, goes back to work for a while, then claims again during the next furlough week. With this condition it may be easy to overlook certain steps which could delay payment of benefits.

Steps to Claim Unemployment Benefits

If you find yourself in the situation of being furloughed without pay from your employer, and you’re thinking of filing for unemployment benefits, here are some hints to make filing your claim go smoothly.

The application for unemployment benefits must be filed as the unemployment period starts. Delaying may outcome in losing some of the eligible benefits.

We provide an online calculator for computing what the weekly benefit for each applicant will be. In order to use this calculator, wage information is needed for each quarter of work. Other online tools are made obtainable for applicants. You may decide to file by phone but may find the state resources on the website useful in understanding how to file and what to wait for after the application and approved.

Step 1: Determine If You Qualify for Oregon Unemployment

Not all people who lose their jobs will be able to obtain unemployment benefits. There are certain requirements and restrictions established by the state, and if you do not qualify, you will not obtain any compensation. In order to be suitable to collect unemployment in the state of Oregon, you must:

  • Be unemployed through no fault of your own
  • Meet base period wages eligibility requirements
  • Be actively seeking new employment
  • Be physically and mentally able to work

Eligibility for unemployment benefits in Oregon is determined after you have filed a claim. If you are uncertain if you qualify, file the claim as soon as possible to determine eligibility.

Step 2: Gather Necessary Documents

Even if you meet all of the requirements needed to qualify for unemployment benefits, you must be able to provide precise information so as to begin receiving your benefits. This information considers past employment and salary data, as well as personal info.

Before you can file unemployment claim in Oregon you need:

  1. Your Social Security number
  2. Your work history for the past 18 months, including: Dates of employment. Your employers business names addresses and Employers phone numbers
  3. Your salary/total income from each employer
  4. Your Alien Registration Number (if applicable)
  5. Your phone number

Unemployment fraud is illegal. Keep in mind to be honest since they will do research and make contact with your former employer.

Step 3: Apply for Benefits

This guide is going to give information needed to tell how to claim Oregon unemployment benefits.

  • The first week you are furloughed, file a claim for unemployment benefits. You may do so one of two ways; either online or by calling your local unemployment insurance center. Numbers are as below.

Metro / NW Oregon
Portland (503) 292-2057
Salem (503) 947-1500

Eastern / Central Oregon
Bend (541) 388-6207

Call the number below if you re outside the state.
(877) 345-3484

  • Claim the week. Claiming the week is different than filing your claim. Filing your claim sets up the start of your claim, claiming the week triggers payment for the week. You claim the week either online or telephone. The first you can claim for the week is on Sunday, and you are claiming the previous week.
  • The first week you claim will be your Waiting Week if you meet all eligibility requirements and if you claim it. You are not paid for the Waiting Week, but you must still claim it. Everyone must serve one Waiting Week.
  • The next time you are dismissed, either go online or call your unemployment insurance center to resume your claim. It is important that you select the option to “restart your claim”, not “file a claim.” Restarting your claim picks up where you left off, while filing a claim is beginning a brand new claim for benefits.
  • Just as you claimed the week after you initially filed your claim, you will need to claim the laid-off week after you restart your claim. You are not required to claim weeks if you work and earn more than your weekly unemployment benefit amount.

For Subsequent Weekly Claims

Bend, Madras, Prineville, Redmond:

Dallas, Salem local area:
503-375-7900

Newberg, Portland, Woodburn:
503-224-0405

All other locations:
(800) 982-8920

TTY Relay Service 711 www.SprintRelayOnline.com

Eastern / Central Oregon
Bend (541) 388-6207

The Employment Department will mail you a Claimant Handbook together with the other materials when you launch a claim for unemployment insurance benefits. Make sure to read everything sent to you by the Employment Department carefully.

You can check out some of our Frequently Asked Questions. By reading all of this information, you are less likely to have an issue with your claim.





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Reverse Mortgage Qualifications and Eligibility Outlined #reverse #mortgage #eligibility

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Reverse Mortgage Qualifications and Eligibility Outlined

Comments – 2 Responses to Reverse Mortgage Qualifications and Eligibility Outlined

Hello, I married a man who already had a reverse mortgage. If he passes, am I eligible to remain in the home? As far as we can see, I will not be able to, and will be forced to leave my home a year after his demise? This ruling needs to be reassessed, as it will be a huge hardship for me, as I have nowhere to go. I am already 73 years old, and I can t even imagine leaving my home! Please advise! Thank-you, Lynda A. Haight

If you were not an original borrower or eligible non-borrowing spouse at the time the loan was originated, then the loan would be due and payable at the time the borrower permanently leaves the home. HUD has no plans to revise this policy to my knowledge as the benefit is derived based on the age of the youngest borrower on the loan and borrowers can live in the property for the rest of their lives without having to make a payment. If solely by marrying a younger spouse later the loan would not be due and payable based on the original provisions and the new spouse were able to remain in the home for the rest of his/her life as well, the risk to HUD would not be something they could not quantify and the program would not work. HUD can only underwrite the loan based on the known parameters at the time the loan is granted and insured.

However, having said that, you and your husband can refinance the loan now in both your names so that you would both be covered with the new loan. There may or may not be enough equity in the home at this time to allow you to do the loan without having to bring cash in the close the loan, but HUD does allow you to bring the cash in if it is required. I don t know how much equity is in the home or how the property set to be settled at that time, but the best bet would be to have the situation resolved in advance if at all possible.

Leave a Reply





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Business Loans – Check Business Loan Interest Rate – Eligibility Online at HDFC Bank

#business loan

#

Business Loan

  • Features Benefits
  • Eligibility
  • Fees Charges
  • In – Principle loan eligibility in 1 Minute online and across all branches
  • Convenience of contacting us through SMS, Webchat, Click2Talk, PhoneBanking and across all Branches
  • Business Loan is also available on the basis of repayment of home loans, auto loans and credit cards.
  • Loan Amount up to Rs. 15 Lakhs (Up to Rs. 40 Lakhs in selected locations).
  • Flexible repayment options ranging from 12 – 36 Months.
  • Credit Protect Insurance Plan:
    We help you take care of your loved ones with a Credit Protect Plan to cover your loan at a nominal premium.*

In case of Natural / Accidental Death of the customer, the customer / nominee can avail of the Payment Protection Insurance (Credit Protect) which insures the principle outstanding on the loan up to a maximum of the loan amount.

We will charge a premium for this product, and the premium amount will be deducted from the loan amount at the time of disbursal. We will also charge service tax and applicable surcharge/cess at the rates notified by the government.

Secure your business loan with Credit Protect.

Key benefits of policy

  • Protects the family by paying off the loan amount in case of death of the customer
  • Life Coverage provides peace of Mind
  • No need to use other savings to repay the loan
  • Tax Benefits as per applicable laws
  • One convenient package – loan + insurance

* Premium will be charged for Credit Protect will be deducted from the loan amount at the time of disbursal.

(* terms and conditions of the Insurers shall apply, Above product is offered by HDFC Life Ins Co.ltd)

Already have a Business Loan?

Reduce your EMI, transfer your existing Business Loan to us. Business Loan balance transfer offers special and exclusive benefits.

  • Interest rate as low as 14.99* % on existing loan transfer.
  • Processing fees as low as 0.99%

Now reduce your EMI burden with our balance transfer programme

Get details on eligibility criteria documents required for HDFC Bank Business Loan

Self Employed including Individual Proprietors, Private Ltd. Co. and Partnership Firms involved in the Business of Manufacturing, Trading or Services.

  • Minimum Turnover of Rs. 40 Lakhs.
  • Years in business: Minimum of 3 years in current business and 5 years total business experience
  • Business must be profit making for the last 2 years
  • Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a.
  • Age of Applicant: Min 21 years Max. 65 years at the time of loan maturity.

Documents you will need to submit:

  • PAN Card For Company /Firm/ individual.
  • Proof of your identity: Copy of Aadhaar Card/Passport/Voter s ID card/driving license.
  • Proof of your address: Copy of Aadhaar Card/Telephone bill/Electricity bill/Passport.
  • Bank Statement (latest 6 months)
  • Latest ITR along with computation of income, Balance sheet and Profit Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
  • Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
  • Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum Articles of Association (certified by Director) Board resolution (Original)

Loan at the sole discretion of HDFC Bank Ltd.

Enclosed below are HDFC Bank Business Loan Interest Rates Charges





Tags : , , , , , , , , , , ,

Business Loans – Check Business Loan Interest Rate – Eligibility Online at HDFC Bank

#business loan

#

Business Loan

  • Features Benefits
  • Eligibility
  • Fees Charges
  • In – Principle loan eligibility in 1 Minute online and across all branches
  • Convenience of contacting us through SMS, Webchat, Click2Talk, PhoneBanking and across all Branches
  • Business Loan is also available on the basis of repayment of home loans, auto loans and credit cards.
  • Loan Amount up to Rs. 15 Lakhs (Up to Rs. 40 Lakhs in selected locations).
  • Flexible repayment options ranging from 12 – 36 Months.
  • Credit Protect Insurance Plan:
    We help you take care of your loved ones with a Credit Protect Plan to cover your loan at a nominal premium.*

In case of Natural / Accidental Death of the customer, the customer / nominee can avail of the Payment Protection Insurance (Credit Protect) which insures the principle outstanding on the loan up to a maximum of the loan amount.

We will charge a premium for this product, and the premium amount will be deducted from the loan amount at the time of disbursal. We will also charge service tax and applicable surcharge/cess at the rates notified by the government.

Secure your business loan with Credit Protect.

Key benefits of policy

  • Protects the family by paying off the loan amount in case of death of the customer
  • Life Coverage provides peace of Mind
  • No need to use other savings to repay the loan
  • Tax Benefits as per applicable laws
  • One convenient package – loan + insurance

* Premium will be charged for Credit Protect will be deducted from the loan amount at the time of disbursal.

(* terms and conditions of the Insurers shall apply, Above product is offered by HDFC Life Ins Co.ltd)

Already have a Business Loan?

Reduce your EMI, transfer your existing Business Loan to us. Business Loan balance transfer offers special and exclusive benefits.

  • Interest rate as low as 14.99* % on existing loan transfer.
  • Processing fees as low as 0.99%

Now reduce your EMI burden with our balance transfer programme

Get details on eligibility criteria documents required for HDFC Bank Business Loan

Self Employed including Individual Proprietors, Private Ltd. Co. and Partnership Firms involved in the Business of Manufacturing, Trading or Services.

  • Minimum Turnover of Rs. 40 Lakhs.
  • Years in business: Minimum of 3 years in current business and 5 years total business experience
  • Business must be profit making for the last 2 years
  • Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a.
  • Age of Applicant: Min 21 years Max. 65 years at the time of loan maturity.

Documents you will need to submit:

  • PAN Card For Company /Firm/ individual.
  • Proof of your identity: Copy of Aadhaar Card/Passport/Voter s ID card/driving license.
  • Proof of your address: Copy of Aadhaar Card/Telephone bill/Electricity bill/Passport.
  • Bank Statement (latest 6 months)
  • Latest ITR along with computation of income, Balance sheet and Profit Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
  • Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
  • Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum Articles of Association (certified by Director) Board resolution (Original)

Loan at the sole discretion of HDFC Bank Ltd.

Enclosed below are HDFC Bank Business Loan Interest Rates Charges





Tags : , , , , , , , , , , ,

7(a) Loan Program Eligibility #funding #for #business

#sba loan requirements

#

SBA provides loans to businesses; so the requirements of eligibility are based on specific aspects of the business and its principals. As such, the key factors of eligibility are based on what the business does to receive its income, the character of its ownership and where the business operates.

SBA generally does not specify what businesses are eligible. Rather, the agency outlines what businesses are not eligible. However, there are some universally applicable requirements. To be eligible for assistance, businesses must:

  • Operate for profit
  • Be small, as defined by SBA
  • Be engaged in, or propose to do business in, the United States or its possessions
  • Have reasonable invested equity
  • Use alternative financial resources, including personal assets, before seeking financial assistance
  • Be able to demonstrate a need for the loan proceeds
  • Use the funds for a sound business purpose
  • Not be delinquent on any existing debt obligations to the U.S. government

Ineligible Businesses

A business must be engaged in an activity SBA determines as acceptable for financial assistance from a federal provider. The following list of businesses types are not eligible for assistance because of the activities they conduct:

  • Financial businesses primarily engaged in the business of lending, such as banks, finance companies, payday lenders, some leasing companies and factors (pawn shops, although engaged in lending, may qualify in some circumstances)
  • Businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds (except when the property is leased to the business at zero profit for the property’s owners)
  • Life insurance companies
  • Businesses located in a foreign country (businesses in the U.S. owned by aliens may qualify)
  • Businesses engaged in pyramid sale distribution plans, where a participant’s primary incentive is based on the sales made by an ever-increasing number of participants
  • Businesses deriving more than one-third of gross annual revenue from legal gambling activities
  • Businesses engaged in any illegal activity
  • Private clubs and businesses that limit the number of memberships for reasons other than capacity
  • Government-owned entities
  • Businesses principally engaged in teaching, instructing, counseling or indoctrinating religion or religious beliefs, whether in a religious or secular setting
  • Consumer and marketing cooperatives (producer cooperatives are eligible)
  • Loan packagers earning more than one third of their gross annual revenue from packaging SBA loans
  • Businesses in which the lender or CDC, or any of its associates owns an equity interest
  • Businesses that present live performances of an indecent sexual nature or derive directly or indirectly more 2.5 percent of gross revenue through the sale of products or services, or the presentation of any depictions or displays, of an indecent sexual nature
  • Businesses primarily engaged in political or lobbying activities
  • Speculative businesses (such as oil exploration)

There are also eligibility factors for financial assistance based on the activities of the owners and the historical operation of the business. As such, the business cannot have been:

  • A business that caused the government to have incurred a loss related to a prior business debt
  • A business owned 20 percent or more by a person associated with a different business that caused the government to have incurred a loss related to a prior business debt
  • A business owned 20 percent or more by a person who is incarcerated, on probation, on parole, or has been indicted for a felony or a crime of moral depravity

Special Considerations

Special considerations apply to some types of businesses and individuals, which include:

  • Franchises are eligible except when a franchiser retains power to control operations to such an extent as to equate to an employment contract; the franchisee must have the right to profit from efforts commensurate with ownership
  • Recreational facilities and clubs are eligible if the facilities are open to the general public, or in membership-only situations, membership is not selectively denied or restricted to any particular groups
  • Farms and agricultural businesses are eligible, but these applicants should first explore Farm Service Agency (FSA) programs, particularly if the applicant has a prior or existing relationship with FSA
  • Fishing vessels are eligible, but those seeking funds for the construction or reconditioning of vessels with a cargo capacity of five tons or more must first request financing from the National Marine Fisheries Service
  • Privately owned medical facilities including hospitals, clinics, emergency outpatient facilities, and medical and dental laboratories are eligible; recovery and nursing homes are also eligible, provided they are licensed by the appropriate government agency and they provide more than room and board
  • An Eligible Passive Company (EPC) must use loan proceeds to acquire or lease, and/or improve or renovate, real or personal property that it leases to one or more operating companies and must not make any profit from conducting its activities
  • Legal aliens are eligible; however, consideration is given to status (e.g. resident, lawful temporary resident) in determining the business’ degree of risk
  • Probation or parole: Applications will not be accepted from firms in which a principal is currently incarcerated, on parole, on probation or is a defendant in a criminal proceeding




Tags : , , ,

Business Loans – Check Business Loan Interest Rate – Eligibility Online at HDFC Bank

#business loan

#

Business Loan

  • Features Benefits
  • Eligibility
  • Fees Charges
  • In – Principle loan eligibility in 1 Minute online and across all branches
  • Convenience of contacting us through SMS, Webchat, Click2Talk, PhoneBanking and across all Branches
  • Business Loan is also available on the basis of repayment of home loans, auto loans and credit cards.
  • Loan Amount up to Rs. 15 Lakhs (Up to Rs. 40 Lakhs in selected locations).
  • Flexible repayment options ranging from 12 – 36 Months.
  • Credit Protect Insurance Plan:
    We help you take care of your loved ones with a Credit Protect Plan to cover your loan at a nominal premium.*

In case of Natural / Accidental Death of the customer, the customer / nominee can avail of the Payment Protection Insurance (Credit Protect) which insures the principle outstanding on the loan up to a maximum of the loan amount.

We will charge a premium for this product, and the premium amount will be deducted from the loan amount at the time of disbursal. We will also charge service tax and applicable surcharge/cess at the rates notified by the government.

Secure your business loan with Credit Protect.

Key benefits of policy

  • Protects the family by paying off the loan amount in case of death of the customer
  • Life Coverage provides peace of Mind
  • No need to use other savings to repay the loan
  • Tax Benefits as per applicable laws
  • One convenient package – loan + insurance

* Premium will be charged for Credit Protect will be deducted from the loan amount at the time of disbursal.

(* terms and conditions of the Insurers shall apply, Above product is offered by HDFC Life Ins Co.ltd)

Already have a Business Loan?

Reduce your EMI, transfer your existing Business Loan to us. Business Loan balance transfer offers special and exclusive benefits.

  • Interest rate as low as 14.99* % on existing loan transfer.
  • Processing fees as low as 0.99%

Now reduce your EMI burden with our balance transfer programme

Get details on eligibility criteria documents required for HDFC Bank Business Loan

Self Employed including Individual Proprietors, Private Ltd. Co. and Partnership Firms involved in the Business of Manufacturing, Trading or Services.

  • Minimum Turnover of Rs. 40 Lakhs.
  • Years in business: Minimum of 3 years in current business and 5 years total business experience
  • Business must be profit making for the last 2 years
  • Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a.
  • Age of Applicant: Min 21 years Max. 65 years at the time of loan maturity.

Documents you will need to submit:

  • PAN Card For Company /Firm/ individual.
  • Proof of your identity: Copy of Aadhaar Card/Passport/Voter s ID card/driving license.
  • Proof of your address: Copy of Aadhaar Card/Telephone bill/Electricity bill/Passport.
  • Bank Statement (latest 6 months)
  • Latest ITR along with computation of income, Balance sheet and Profit Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
  • Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
  • Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum Articles of Association (certified by Director) Board resolution (Original)

Loan at the sole discretion of HDFC Bank Ltd.

Enclosed below are HDFC Bank Business Loan Interest Rates Charges





Tags : , , , , , , , , , , ,

7(a) Loan Program Eligibility #new #business #names

#sba loan requirements

#

SBA provides loans to businesses; so the requirements of eligibility are based on specific aspects of the business and its principals. As such, the key factors of eligibility are based on what the business does to receive its income, the character of its ownership and where the business operates.

SBA generally does not specify what businesses are eligible. Rather, the agency outlines what businesses are not eligible. However, there are some universally applicable requirements. To be eligible for assistance, businesses must:

  • Operate for profit
  • Be small, as defined by SBA
  • Be engaged in, or propose to do business in, the United States or its possessions
  • Have reasonable invested equity
  • Use alternative financial resources, including personal assets, before seeking financial assistance
  • Be able to demonstrate a need for the loan proceeds
  • Use the funds for a sound business purpose
  • Not be delinquent on any existing debt obligations to the U.S. government

Ineligible Businesses

A business must be engaged in an activity SBA determines as acceptable for financial assistance from a federal provider. The following list of businesses types are not eligible for assistance because of the activities they conduct:

  • Financial businesses primarily engaged in the business of lending, such as banks, finance companies, payday lenders, some leasing companies and factors (pawn shops, although engaged in lending, may qualify in some circumstances)
  • Businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds (except when the property is leased to the business at zero profit for the property’s owners)
  • Life insurance companies
  • Businesses located in a foreign country (businesses in the U.S. owned by aliens may qualify)
  • Businesses engaged in pyramid sale distribution plans, where a participant’s primary incentive is based on the sales made by an ever-increasing number of participants
  • Businesses deriving more than one-third of gross annual revenue from legal gambling activities
  • Businesses engaged in any illegal activity
  • Private clubs and businesses that limit the number of memberships for reasons other than capacity
  • Government-owned entities
  • Businesses principally engaged in teaching, instructing, counseling or indoctrinating religion or religious beliefs, whether in a religious or secular setting
  • Consumer and marketing cooperatives (producer cooperatives are eligible)
  • Loan packagers earning more than one third of their gross annual revenue from packaging SBA loans
  • Businesses in which the lender or CDC, or any of its associates owns an equity interest
  • Businesses that present live performances of an indecent sexual nature or derive directly or indirectly more 2.5 percent of gross revenue through the sale of products or services, or the presentation of any depictions or displays, of an indecent sexual nature
  • Businesses primarily engaged in political or lobbying activities
  • Speculative businesses (such as oil exploration)

There are also eligibility factors for financial assistance based on the activities of the owners and the historical operation of the business. As such, the business cannot have been:

  • A business that caused the government to have incurred a loss related to a prior business debt
  • A business owned 20 percent or more by a person associated with a different business that caused the government to have incurred a loss related to a prior business debt
  • A business owned 20 percent or more by a person who is incarcerated, on probation, on parole, or has been indicted for a felony or a crime of moral depravity

Special Considerations

Special considerations apply to some types of businesses and individuals, which include:

  • Franchises are eligible except when a franchiser retains power to control operations to such an extent as to equate to an employment contract; the franchisee must have the right to profit from efforts commensurate with ownership
  • Recreational facilities and clubs are eligible if the facilities are open to the general public, or in membership-only situations, membership is not selectively denied or restricted to any particular groups
  • Farms and agricultural businesses are eligible, but these applicants should first explore Farm Service Agency (FSA) programs, particularly if the applicant has a prior or existing relationship with FSA
  • Fishing vessels are eligible, but those seeking funds for the construction or reconditioning of vessels with a cargo capacity of five tons or more must first request financing from the National Marine Fisheries Service
  • Privately owned medical facilities including hospitals, clinics, emergency outpatient facilities, and medical and dental laboratories are eligible; recovery and nursing homes are also eligible, provided they are licensed by the appropriate government agency and they provide more than room and board
  • An Eligible Passive Company (EPC) must use loan proceeds to acquire or lease, and/or improve or renovate, real or personal property that it leases to one or more operating companies and must not make any profit from conducting its activities
  • Legal aliens are eligible; however, consideration is given to status (e.g. resident, lawful temporary resident) in determining the business’ degree of risk
  • Probation or parole: Applications will not be accepted from firms in which a principal is currently incarcerated, on parole, on probation or is a defendant in a criminal proceeding




Tags : , , ,

Business Loans – Check Business Loan Interest Rate – Eligibility Online at HDFC Bank

#business loan

#

Business Loan

  • Features Benefits
  • Eligibility
  • Fees Charges
  • In – Principle loan eligibility in 1 Minute online and across all branches
  • Convenience of contacting us through SMS, Webchat, Click2Talk, PhoneBanking and across all Branches
  • Business Loan is also available on the basis of repayment of home loans, auto loans and credit cards.
  • Loan Amount up to Rs. 15 Lakhs (Up to Rs. 40 Lakhs in selected locations).
  • Flexible repayment options ranging from 12 – 36 Months.
  • Credit Protect Insurance Plan:
    We help you take care of your loved ones with a Credit Protect Plan to cover your loan at a nominal premium.*

In case of Natural / Accidental Death of the customer, the customer / nominee can avail of the Payment Protection Insurance (Credit Protect) which insures the principle outstanding on the loan up to a maximum of the loan amount.

We will charge a premium for this product, and the premium amount will be deducted from the loan amount at the time of disbursal. We will also charge service tax and applicable surcharge/cess at the rates notified by the government.

Secure your business loan with Credit Protect.

Key benefits of policy

  • Protects the family by paying off the loan amount in case of death of the customer
  • Life Coverage provides peace of Mind
  • No need to use other savings to repay the loan
  • Tax Benefits as per applicable laws
  • One convenient package – loan + insurance

* Premium will be charged for Credit Protect will be deducted from the loan amount at the time of disbursal.

(* terms and conditions of the Insurers shall apply, Above product is offered by HDFC Life Ins Co.ltd)

Already have a Business Loan?

Reduce your EMI, transfer your existing Business Loan to us. Business Loan balance transfer offers special and exclusive benefits.

  • Interest rate as low as 14.99* % on existing loan transfer.
  • Processing fees as low as 0.99%

Now reduce your EMI burden with our balance transfer programme

Get details on eligibility criteria documents required for HDFC Bank Business Loan

Self Employed including Individual Proprietors, Private Ltd. Co. and Partnership Firms involved in the Business of Manufacturing, Trading or Services.

  • Minimum Turnover of Rs. 40 Lakhs.
  • Years in business: Minimum of 3 years in current business and 5 years total business experience
  • Business must be profit making for the last 2 years
  • Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a.
  • Age of Applicant: Min 21 years Max. 65 years at the time of loan maturity.

Documents you will need to submit:

  • PAN Card For Company /Firm/ individual.
  • Proof of your identity: Copy of Aadhaar Card/Passport/Voter s ID card/driving license.
  • Proof of your address: Copy of Aadhaar Card/Telephone bill/Electricity bill/Passport.
  • Bank Statement (latest 6 months)
  • Latest ITR along with computation of income, Balance sheet and Profit Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
  • Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
  • Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum Articles of Association (certified by Director) Board resolution (Original)

Loan at the sole discretion of HDFC Bank Ltd.

Enclosed below are HDFC Bank Business Loan Interest Rates Charges





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7(a) Loan Program Eligibility #low #cost #business #ideas

#sba loan requirements

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SBA provides loans to businesses; so the requirements of eligibility are based on specific aspects of the business and its principals. As such, the key factors of eligibility are based on what the business does to receive its income, the character of its ownership and where the business operates.

SBA generally does not specify what businesses are eligible. Rather, the agency outlines what businesses are not eligible. However, there are some universally applicable requirements. To be eligible for assistance, businesses must:

  • Operate for profit
  • Be small, as defined by SBA
  • Be engaged in, or propose to do business in, the United States or its possessions
  • Have reasonable invested equity
  • Use alternative financial resources, including personal assets, before seeking financial assistance
  • Be able to demonstrate a need for the loan proceeds
  • Use the funds for a sound business purpose
  • Not be delinquent on any existing debt obligations to the U.S. government

Ineligible Businesses

A business must be engaged in an activity SBA determines as acceptable for financial assistance from a federal provider. The following list of businesses types are not eligible for assistance because of the activities they conduct:

  • Financial businesses primarily engaged in the business of lending, such as banks, finance companies, payday lenders, some leasing companies and factors (pawn shops, although engaged in lending, may qualify in some circumstances)
  • Businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds (except when the property is leased to the business at zero profit for the property’s owners)
  • Life insurance companies
  • Businesses located in a foreign country (businesses in the U.S. owned by aliens may qualify)
  • Businesses engaged in pyramid sale distribution plans, where a participant’s primary incentive is based on the sales made by an ever-increasing number of participants
  • Businesses deriving more than one-third of gross annual revenue from legal gambling activities
  • Businesses engaged in any illegal activity
  • Private clubs and businesses that limit the number of memberships for reasons other than capacity
  • Government-owned entities
  • Businesses principally engaged in teaching, instructing, counseling or indoctrinating religion or religious beliefs, whether in a religious or secular setting
  • Consumer and marketing cooperatives (producer cooperatives are eligible)
  • Loan packagers earning more than one third of their gross annual revenue from packaging SBA loans
  • Businesses in which the lender or CDC, or any of its associates owns an equity interest
  • Businesses that present live performances of an indecent sexual nature or derive directly or indirectly more 2.5 percent of gross revenue through the sale of products or services, or the presentation of any depictions or displays, of an indecent sexual nature
  • Businesses primarily engaged in political or lobbying activities
  • Speculative businesses (such as oil exploration)

There are also eligibility factors for financial assistance based on the activities of the owners and the historical operation of the business. As such, the business cannot have been:

  • A business that caused the government to have incurred a loss related to a prior business debt
  • A business owned 20 percent or more by a person associated with a different business that caused the government to have incurred a loss related to a prior business debt
  • A business owned 20 percent or more by a person who is incarcerated, on probation, on parole, or has been indicted for a felony or a crime of moral depravity

Special Considerations

Special considerations apply to some types of businesses and individuals, which include:

  • Franchises are eligible except when a franchiser retains power to control operations to such an extent as to equate to an employment contract; the franchisee must have the right to profit from efforts commensurate with ownership
  • Recreational facilities and clubs are eligible if the facilities are open to the general public, or in membership-only situations, membership is not selectively denied or restricted to any particular groups
  • Farms and agricultural businesses are eligible, but these applicants should first explore Farm Service Agency (FSA) programs, particularly if the applicant has a prior or existing relationship with FSA
  • Fishing vessels are eligible, but those seeking funds for the construction or reconditioning of vessels with a cargo capacity of five tons or more must first request financing from the National Marine Fisheries Service
  • Privately owned medical facilities including hospitals, clinics, emergency outpatient facilities, and medical and dental laboratories are eligible; recovery and nursing homes are also eligible, provided they are licensed by the appropriate government agency and they provide more than room and board
  • An Eligible Passive Company (EPC) must use loan proceeds to acquire or lease, and/or improve or renovate, real or personal property that it leases to one or more operating companies and must not make any profit from conducting its activities
  • Legal aliens are eligible; however, consideration is given to status (e.g. resident, lawful temporary resident) in determining the business’ degree of risk
  • Probation or parole: Applications will not be accepted from firms in which a principal is currently incarcerated, on parole, on probation or is a defendant in a criminal proceeding




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