FAQs:
How many guarantors are required for a business loan?
- We require one guarantor for a loan up to $7,500 and a second guarantor for larger loan up to $15,000. At least one of your guarantors must live in Pennsylvania or New Jersey.
Can my business partner be a guarantor on the loan?
- No. Guarantors may not be a business partner or spouse of the loan applicant. Only one of the guarantors may be a parent of the loan applicant.
What is involved in the business loan application?
- Business loan applications include background and financial information of the loan applicant and any business partners, a business plan, resume, organizational papers, and government-issued photo ID. To apply, submit all the Business Loan Application materials online. If you need assistance, please contact info@hflphilly.org.