The Idaho Prime Loan Program "The Idaho Prime" is a loan program designed specifically with small businesses
in mind. This innovative program is a cooperative effort between the Idaho State Treasurer, the Small
Business Administration "SBA", and the banking community – helping to make capital available to all
small businesses throughout our great state.
When small businesses do well in Idaho, new jobs are generated for our workforce, the economy expands,
new tax dollars flow in the state coffers, and we all benefit.
Need a loan for one of the following?
- To start a new business
- To expand or modernize facilities
- To purchase equipment, fixtures, and leasehold improvements
- To increase inventory and working capital
- To acquire new or existing businesses or franchises
- To refinance existing debt, under certain conditions
- To construct or purchase commercial buildings
What are The Idaho Prime terms?
- Loans up to $750,000
- Prime interest rate – reset every calendar quarter
- 25 years maximum maturity
Do you qualify? SBA borrowers are:
- Independently owned and operated businesses
- Businesses that operate for profit
- Businesses whose annual revenues are less than $6,000,000 or whose number of employees are less than 100
What are banks looking for in an SBA borrower?
- Management ability and experience in the industry
- Adequate investment (approx. 25% - 30%) by the owner, partners, or corporate officers
- Ability to repay the loan from historical or projected cash flow and profits
- Satisfactory personal and business credit history
Who should the borrower contact to get started?
- The Idaho State Treasurer's Office is not involved in the approval process
- Please contact a participating bank
Does your bank participate in the Idaho Prime Loan Program?
- Any bank that offers SBA Loans is eligible to participate in the program
What does the bank need from the borrower to start?
- Statement detailing the purpose of the loan and expected use of the proceeds
- Business Plan
- Summary of owner's investment in the business
- Description of proposed collateral
- Projections of income, expenses and cash flow
- Current, signed, personal federal tax returns
- Three years personal federal tax returns
- Personal resumes on management
- Copies of articles of Incorporation and By-Laws, Partnership Agreement, or Franchise Agreement and FTC Disclosure Statement, as appropriate
- If you are already doing business, include the following:
- History of the business
- Business financial statements for last three years plus interim period dated within 90 days (balance sheet and income statements with footnotes)
- Three years of business tax returns
- Schedule of all business debt
- Detailed aging of accounts receivable and payable
- Lease Agreement (if applicable)
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