SOHO Loans (Small Office/Home Office Loans)

Need $5K, $10K, $15K, $20K, $25K, $35K or $50K For A Business Start-up or Expansion?

Want Fast Approval?

The Better Business Builders provides $5K, $10K, $15K, $20K, $25K, $35K or $50K to start-up or existing businesses. These loans are backed by the U.S. Small Business Administration (SBA) through Innovative Bank's Community Express (85% SBA Guaranty) and Express Loan (50% SBA Guaranty) Initiatives.

Community Express Loans combine financial and technical assistance to enable minority, women, veteran owned businesses and other businesses in low to moderate income areas (including home-based business owner's) access to business loans instead of consumer loans. Participants will receive training on completing a loan application during Loan Training Sessions.

Express Loans are for all other businesses.

Loan Terms

• 7 Year Term - No Prepayment Penalty
• Interest Rate-Prime + 4.75% for loans up to $25K; Prime + 3.25% for loans of $35K or $50K
• NO COLLATERAL, NO BUSINESS PLAN, NO FINANCIALS NEEDED
• $475 Application Fee (The check must be from your business checking account. It is only cashed IF you are funded. If the loan is declined, there is no fee for applying.)
• $20 Contribution is requested (NON-Refundable) to cover overnight and copy fees
• Most Funding in 30 days

Note: Veterans can defer their first month's payment for 90 days with NO interest added. Loan payments for all other borrowers are due the 1st of the following month after funding.

How Do I Qualify?

(Loan decisions are not based entirely on credit)

• Innovative Bank looks at the following criteria regarding loan approvals:
• Length of Home Ownership or Rental Home (shows stability - no collateral needed)
• Business/Industry Type Personal Credit History (all existing credit obligations must be current)
• Average Monthly Sales or Estimated Monthly Sales
• Length of Time in Business

Are There Disqualifiers?

• YES! Any of the following will disqualify an applicant: (NOTE: THE KEY TO THIS LOAN IS THAT YOU MUST BE CURRENT ON ALL PERSONAL DEBT.)
• Unpaid Federal or State Tax Liens Any Unpaid Judgments
• Any business that earns 30% or more of its revenue from gaming
• Non-Profits do not qualify
• Multi-Level Marketing: (i.e. Mary Kay, Herbal Life, etc)
• Speculative Real Estate (buying homes, fixing them up and reselling them)
• Adult Oriented Businesses (Clubs, Web Sites, Bookstores) Assisted Living (Based from a Home)
• Student Loans MUST BE CURRENT
• All Personal Debt (Rent, Mortgage, Credit Cards and Medical Bills CAN NOT Appear as 30, 60, 90 days, etc. PAST DUE)

Note: If you have a criminal record the bank cannot fund a loan.

What Do I Need To Apply for a SOHO Loan with Innovative Bank?

• 2 Clear and Legible Copies of each principal's driver's licenses or state ID Business Checkbook
• Federal ID (EIN) Number (Sole Proprietors may use their social security number if they do not have employees)
• Non-US citizens must have copies of the front and back of their green card
• A copy of your credit report (you can get a free copy at www.annualcreditreport.com). Be sure that you get the Experian credit report detail, not credit score. 
• Send a summary of your annual credit report to the Better Business Builders at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .

Note: Be sure that you get the Experian credit report detail; not the credit score.

How Do I Apply for a SOHO Loan with Innovative Bank?

Submit A Loan Application 

If you are interested in having your business considered for this loan email or mail a copy of your credit report from Experian to the The Better Business Builders.  For help in getting your annual credit report, click here.

Download the SOHO Loan Application packet.  Complete the contact form so you can have access to download the loan application and additional forms.

Mail your loan application to The Better Business Builders office.

If you have any questions, please call our office at 516-483-3100 for assistance.