CORE participants can apply for up to $150,000 in loan funding (“Loan Applicant”), including previous CORE Capital loans and Reimbursement funding, according to the Initial and Follow-on loan specifications described below. CORE Capital maximum loan amounts will be reviewed on a continuous basis and changes will be made based upon CORE participant demands as well as the remaining loan funds that have not been disbursed at the time of review. Initial and Follow-on loan specifications include:
Initial Loan: The largest amount available for an initial, or first-time, loan is $50,000, if the applicant has a signed business lease. Without a lease, the most that an applicant can apply for is $25,000.
Follow-on Loan: Loan Applicants may apply for additional loans (“Follow-on Loans”) in increments of up to $50,000, without fully re-paying their prior loan(s), as long as they:
1. Provide receipts showing they spent 70% of their previous loan on eligible expenses
2. Are not delinquent and have made on-time loan payment(s).
3. Have a signed business lease.
4. Are compliant with required licenses, permits and taxes
5. Maintained verified CORE status
If a borrower is approved for a Follow-on Loan, they will be issued a new loan for the follow-on loan amount.