After a completed application is submitted, it usually takes one to five business days for BDC to process the application and give approval. If approved, it takes from four to 48 hours to receive the money.
A good credit history is required; Ms. Marsolais says personal and business credit history are considered, and BDC uses its own credit score models.The five-year loan is offered for a total commitment of up to $100,000; any existing BDC loans are subtracted from this total. A personal guarantee is required, meaning if the business defaults on the loan, the lender can go after the business owner’s personal assets.
“Just like in any application, you just need to make sure you have all your proper accounting and financial statements, and that makes life easier,” Mr. Apollo says.