Q: What is a SOHO loan?
A: A SOHO loan is a product that offers
qualified small business owners rapid approvals on a $25,000 - $50,000
loan. Some of the terms include a 7-year repayment period, no prepayment
penalty, minimal paperwork, and Bank paid technical assistance
on an as-needed basis.
SBA Express - there are two programs for small business owners:
- Regular Express SBA Loans - offered to any one.
- Community Express SBA Loans - offered to minorities, women,
and those who have served in the military
Q: How do I apply? Where can I get the forms?
A: You can obtain the necessary application forms from your local
Technical Assistance Provider (TAP) or at Application
Downloads. When you complete the forms, submit them through
your local TAP. Innovative Bank does not initiate the process.
Q: Why do I have to go to a TAP?
A: Because the government wants to assist you with start-up business
services such as applying for business licenses, permits, etc. and/or
where to apply for business services such as loans or checking services.
Your TAP will assist you with technical needs, such as accounting,
marketing, e-commerce, business planning, computer assistance, etc.
and arrange for you to attend workshops. The TAP will also assess
your need for other banking products (checking, merchant account,
etc.). This service is free of charge.
Q: What loan amount (minimum/maximum) can
I apply for?
A: The range for a Small Office Home Office (SOHO) loan is $25,000
- $50,000. Loans above that amount are not considered for the SOHO
loan program. Requests that exceed this dollar amount must follow
the traditional SBA loan application procedure.
Q: I have bad credit; can I still apply
for a loan?
A: Yes, although we do not require a minimum credit score from
loan applicants, you must demonstrate a reasonable ability to repay
the loan.
Q: I'm just starting my business or I've
just been in business for a few years, how will that affect my ability
to get the loan?
A: If you are a startup business or have only been in business a
short time, other factors may contribute to a higher score to allow
you to qualify.
Q: I am not a US citizen; can I apply for
a loan?
A: Yes, provided you are a permanent resident of the United
States.
Q: Where should I send my application?
A: After your local TAP checks your loan package, they will mail
the completed package to Innovative Bank ATTN: SOHO Department,
360 14th Street, Oakland, CA 94612
Q: How will I know that my application
is approved?
A: You will need to follow-up with the Technical Assistance Provider
where you submitted your application. However, if an application
is declined, the bank will immediately contact you by mail.
Q: How soon can I get my loan?
A: Due to
the cap imposed by SBA on the number of loans to be funded every
month since August 2008, funding of Community Express Loans takes
longer. You
will need to follow-up with the Technical Assistance Provider where
you submitted your application.
Q: How can I get my application processed
more quickly?
A: The most common reason a loan request will be delayed is missing
information on the application. To expedite your loan request, ensure
every space on the SBA Express Loan Application is completed with
as much information as possible. If a space or box does not apply
to you, please indicate that it is not applicable to avoid confusion.
Q: With whom can I speak regarding the
status of my loan application?
A: In most cases, it is important to keep in contact with your TAP.
They receive a daily status report from the Bank and will follow
up directly with their individual clients. Miscellaneous questions
or problems can be resolved by emailing directly at
sohoinfo@innovativebank.com or calling 866-812-1216, option 1.
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