What Is SOHO Banking?
Small Office Home Office Banking is a product developed by Innovative
Bank to promote the Small Business Administration (SBA)
Express Loan programs to provide financial assistance, capital
access, technical and management assistance to the underserved
segment of the small business community.
What Is Offered with SOHO Banking?
SOHO Banking offers the potential qualified small business owner a loan as
small as $5,000 with a 7-year term, no pre-payment penalty, minimal paperwork,
Bank-paid technical assistance, as needed, for the borrower and a fast decision.
Innovative Bank's SOHO Loan Package
Loan
Amount |
Approximate
Monthly
Payment |
Variable
Rate |
Term |
Packaging
Fee |
SBA Guaranty
Fee deducted
from loan funds |
| $5,000 |
$85 |
P + 4.75% |
84 Months |
$475 |
WAIVED!!! |
| $10,000 |
$173 |
P + 4.75% |
84 Months |
$475 |
$170 |
| $15,000 |
$260 |
P + 4.75% |
84 Months |
$475 |
$255 |
| $20,000 |
$355 |
P + 4.75% |
84 Months |
$475 |
$340 |
| $25,000 |
$425 |
P + 4.75% |
84 Months |
$475 |
$425 |
| $35,000 |
$575 |
P + 3.25% |
84 Months |
$475 |
$595 |
| $50,000 |
$825 |
P + 3.25% |
84 Months |
$475 |
$850 |
*P=Prime Rate. Currently at 5.00%. Rate subject to change.
Potential Borrowers
The product is designed to increase lending to geographic areas generally comprising
Low to Moderate Income areas (LMI) and to women, minorities, and/or veterans.
Loan proceeds must be used exclusively for business related purposes. The owners,
partners and/or principals must be of good character.
Technical Assistance
SBA views management and technical assistance as critical to the development,
growth, and success of the potential borrower. The program is structured to ensure
that borrowers receive appropriate pre- and post-loan closing management and
technical assistance. This assistance is arranged for and paid by Innovative
Bank. The Bank has established close relationships with various organizations
including the National Black Chamber of Commerce, various Small Business Development
Centers (SBDC) offices and the Oakland Black Business Development Council for
assistance with this important program. |
