Coastal’s
Member Start-Up / Venture Capital loan requests begins
with verification of your existing membership with the
credit union. Once your eligibility is
determined, the next step is the submission of the final
version of your business plan to the Business Lending Department
for review.
As an independent third party investor and Small Business Administration (SBA)
approved lender, Coastal makes every effort to get your business loan request
approved. Coastal even provides you with tools that will help you succeed.
By downloading a simple Business Plan Outline,
Coastal gives you access to an SBA approved outline that will assist your business
plan development. For additional guidance while constructing your business
plan, Coastal recommends a visit to your local Service
Corps Of Retired Executives » (S.C.O.R.E.) Branch. S.C.O.R.E. » is
another resource provided by the SBA.
Upon receipt of your submitted business plan, a Business Loan Officer will
contact you and provide an approximate time period it will take to review and
analyze your request. Coastal reviews each business plan on a first come, first
serve basis.
Minimum
Requirements for a Coastal Start-Up / Venture Capital
request:
- Loan
must be ultimately approved by the SBA
- Requires
a minimum 20% equity injection (SBA may require more)
- Must
have less than 12 consecutive months of operating history.
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