Loans

We’re here to help. Wherever you are on your journey, whatever your financing needs, we will walk you through the process and help you find an affordable solution that gives you the working capital you need to achieve your goals.

What Loan is Right for Me?

We know that having the right financing can be critical to your success as a small business owner. Whether you need a microloan, a small business loan, a credit-building loan, or a revolving line of credit, our multi-lingual loan officers are always available to help you understand your options. To learn more about our different loans, their terms, and their requirements, please see below.

Credit Building Loans

A good credit score can save you more than $200,000 over the course of your lifetime. We can help you establish or improve your credit rating with a credit enhancement loan of up to $2,000. We also offer free workshops on how to improve your credit score, understand your credit report, and find and correct any errors your credit report may contain.

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Loan Requirements and Costs

Interest Rates & Fees

  • The borrower must be 21 years of age or older
  • Your business should be located within the five boroughs of New York City.
  • No minimum credit score required.
  • The borrower must demonstrate a verifiable source of income.
  • The borrower must not have declared bankruptcy in the past 24 months.
  • Other requirements may apply.

Interest Rates and Terms

  • 3% fixed interest rate
  • Loan repayment term up to 1 year
  • No pre-payment penalty fee
  • Other terms and conditions may apply.

Fees

  • No application or closing fee

“I was shocked to discover that my credit report listed over $30,000 in debts that were not mine! Accompany Capital’s staff helped me correct the error, enrolled me in classes on how to improve my credit score, and provided one-on-one review of my credit report. I can now sleep better at night!” 

Ibrahim Ba, Business Owner
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Microloans

Access to even small amounts of working capital can help businesses – and lives – move forward in significant and lasting ways. We can provide you with financing to help you get started, help you expand, or help you refinance an existing loan, with microloans ranging from $500 to $50,000, and terms of up to three years.

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Loan Requirements and Costs

Loan Requirements

  • The borrower must be 21 years old or older
  • Your business should be located within the five boroughs of New York City.
  • No minimum credit score required.
  • The business must demonstrate positive cash flow from operations.
  • The borrower must not have declared bankruptcy in the past 24 months.
  • The business must have all the licenses required to operate.
  • In some cases, a guarantor may be required.
  • Other requirements may apply.

While we do not require a minimum required credit score, if there is a pattern of non-repayment of other debts, or the borrower does not demonstrate willingness to repay, the loan will not be approved.

Interest Rates & Fees:

  • 3% fixed interest rate
  • Loan repayment term up to 3 years
  • No pre-payment penalty fee
  • Other terms and conditions may apply.

Fees

  • No application or closing fees

Borrowers have from 6 months to 3 years to repay loans.

We offer a pilot program for loans up to $75,000. Ask if you are eligible.

Apply now by completing our quick and easy online application form. If you have any questions, call a staff member below for help.

“With a loan from Accompany Capital, our dream of opening a dessert shop became a reality.”

Khalid Hamid, Island Pops
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Small Business Loans

As a Community Advantage lender, we can help you take your business to the next level with an SBA-guaranteed small business loan. These loans range from $75,000 to $250,000 and are available to any qualifying small business in Queens and Staten Island, and to qualifying immigrant, refugee or women-owned businesses in Brooklyn, Manhattan, and the Bronx.

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Loan Requirements and Costs

Loan Requirements

Accompany Capital & SBA want to see that your business is well-run, you have the ability to pay back the loan, and that loan proceeds will be used constructively to grow your business.

In addition to the application form, you will be asked to complete other SBA forms, provide copies of records & supporting materials. The following is a list of documents that typically accompany an SBA application package:

  • Personal and business tax returns
  • Business overview & history
  • Business licenses, certificates & permits
  • Business financial projections & statements
  • Business leases

To secure the loan, personal guarantees and collateral are required. However, not having enough collateral does not necessarily mean that your loan will not be approved.

Interest Rates and Fees

  • Terms
    • The loan maturity is up to 10 years
  • Interest Rate
    • Prime + 3.25
  • Personal Guarantee & Collateral
    • To secure the loan, personal guarantees and collateral are required. However, not having enough collateral does not necessarily mean that your loan will not be approved.
  • Fees
    • Loan Application: $50
    • Loan Packaging: A non-refundable fee of 2% of the loan amount up to $2,500 maximum is payable upon submission of complete loan application.
    • SBA Guarantee: If the loan application is approved by the SBA, a one-time fee will be charged based on the percentage of the guaranteed portion of the loan.
      • Up to $150,000 Loan: SBA Guarantee: 85%; Guarantee Fee: 2% of the guaranteed portion of the loan
      • $150,001 – $250,000 Loan: SBA Guarantee: 75%; Guarantee Fee: 3% of the guaranteed portion of the loan
    • Attorney closing costs: This fee is payable by the applicant to the attorney at the time of closing (If the applicant decides not to close the loan AND attorney fees have been incurred, the applicant is responsible to pay these fees).
  • Other expenses: Other expenses may be needed to be incurred by the applicant depending on the nature of the project, use of funds and in connection with the closing of the loan.
    • Business valuations, real estate property appraisals and environmental assessment

To learn more about the loan process, review eligibility requirements, and learn if the Community Advantage loan is right for you and your business, please contact: Juan Gonzalez 212-898-4167 or 845 241 3691

 “My loan officer walked me through the loan process from start to finish. I would recommend them to anyone looking for a loan. I look forward to continuing to work with them.”

Yelena Godiyevskaya, Smiles R’ Us Day Care
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Borrowers' Bill of Rights

Accompany Capital is proud to be a signatory of the Small Business Borrowers’ Bill of Rights, guidelines set by The Responsible Business Lending Coalition. These guidelines mirror our own commitment to responsible credit culture and equal access to small business funding for all.

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1. The Right to Transparent Pricing and Terms

You have a right to see the cost and terms of any financing being offered in writing and in a form that is clear, complete, and easy to compare with other options, so that you can make the best decision for your business. In order to protect your Right to Transparent Pricing and Terms, lenders and brokers must:

  • Transparent Rate – Disclose the Annual Percentage Rate (APR)*, as the all-in annualized price of the financing, and the annualized interest rate if one is used.
  • No Hidden Fees – Disclose all upfront and scheduled charges.
  • Plain-English Terms – Describe all key terms in an easy-to-understand manner, including the loan amount, total amount provided after deducting fees or charges, payment amount and frequency, total monthly payment amount if payment frequency is other than monthly, collateral requirements, and any prepayment charges.
  • Clear Comparison – Present all of these pricing and other key terms clearly and prominently, in writing, to the borrower when the loan offer is summarized for the borrower and whenever a term sheet, offer summary, or equivalent is provided.

2. The Right to Non-Abusive Products

You have a right to loan products that will not trap you in an expensive cycle of re-borrowing. Lenders’ profitability should come from your success not from your failure to repay the loan according to its original terms. In order to protect your Right to Non-Abusive Products, lenders must:

  • No Debt Traps – If the borrower is unable to repay an existing loan, extend new credit only if due diligence indicates that the borrower’s situation has changed, enabling them to repay the new loan.
  • No “Double Dipping” – Do not double-charge the borrower. When refinancing or modifying a loan with a fixed-fee as the primary financing charge, do not charge fees on the borrower’s outstanding principal unless there is a tangible cost benefit to the borrower**.
  • No Hidden Prepayment Charges – If the borrower receives no savings, or limited savings, in early payoff, disclose this in the original loan term sheet or offer summary, and again at the time of payoff. For financing with a fixed term, if a prepaying borrower owes a fixed repayment amount or a certain percentage of that amount regardless of when they pay off the financing, disclose this as prepayment charge. This charge is equal to the remaining financing charge owed at payoff, which is the cost the borrower is paying for the unused portion of the loan.
  • Appropriate Product – Match loan product design and loan product use. If presenting a loan product as designed for one use, do not encourage borrowing behavior contrary to that use. For example, short-term products may be well suited for short term use, but not for long-term recurring use. Long-term products with prepayment penalties may be well suited for long-term use, but not for short-term needs.
  • Pressure Free – Allow borrowers a reasonable time to consider their loan options free from pressure or artificial timelines.
    Prompt Prepayment Assistance – If a borrower seeks to prepay a loan, provide any information required for prepayment within two business days of the borrower’s request.
  • Responsive Complaint Management – If a complaint is submitted, provide a confirmation of receipt within five days and in writing, when possible, and research and resolve the complaint in a timely manner***.
  • Clear Notice Regarding Referrals – If referring a small business to another lender or broker, provide clear notice that a referral is being made. If the lender or broker is not already a signatory of the Small Business Borrowers’ Bill of Rights and thus has not agreed to clear disclosure and responsible lending practices, inform borrowers that as they move forward they should consider key aspects of any financing offered – the APR, the total payment amount owed monthly (even if payments are made daily or weekly), their ability to pay off any financing they take, and whether they may owe financing charges even if they pay off early.

3. The Right to Responsible Underwriting

You have a right to work with lenders who will set you up for success, not failure. High loss rates should not be accepted by lenders simply as a cost of business to be passed on to you in the form of high rates or fees. In order to protect your Right to Responsible Underwriting, lenders must:

  • Believe in the Borrower – Offer financing only with high confidence that the borrower can repay its entire debt burden without defaulting or re-borrowing.
  • Alignment of Interests – Lenders who receive repayment directly from the borrower’s gross sales must also verify, through documents, data from third parties, and/or due diligence, that the borrower can repay all debt and remain profitable, or that it has a credible path to profitability. Lenders should not make loans that the borrower cannot truly afford, even if the lender can find a way to be repaid.
  • Right-sized Financing – Size loans to meet the borrower’s need, rather than to maximize the lender’s or broker’s revenue. Seek to offer the borrower the size of loan that they need, rather than offering the largest amount they could qualify for.
  • Responsible Credit Reporting – Report loan repayment information to major credit bureaus and consult credit data when underwriting a loan. Such reporting enables other lenders to responsibly underwrite the borrower and helps the borrower build a credit profile that may facilitate access to more affordable loans in the future. Lenders must inform the borrower and any guarantors if they intend to report loan repayment performance to guarantors’ credit bureaus only in certain circumstances, such as after a default.

4. The Right to Fair Treatment from Brokers

You have a right to transparency, honesty, and impartiality in all of your interactions with brokers. In order to protect your Right to Fair Treatment from Brokers, brokers must offer:

  • Transparent Loan Options – Disclose all loan options for which the borrower qualifies through the broker’s services, emphasizing the lowest APR option, and disclose all lenders to which the broker sends loan applications on the borrower’s behalf.
  • Transparent Broker Fees – Disclose all compensation paid to the broker, and all charges that will be paid directly or indirectly by the borrower, whether paid upfront or financed in the loan.
  • Transparent Results – Post clearly and prominently on the broker’s website the anonymous and aggregated results of borrowers who obtain financing through the brokers’ services, in terms of APR and financing product.
  • Empower Borrowers to Make Informed Financing Decisions – Educate the borrower on each loan option and ensure that the borrower reasonably understands the cost and terms as well as the pros and cons of financing decisions before they sign a loan document. Brokers should use tools that help the potential borrower comparison shop, including APRs and loan calculators.
  • Disclosure of Conflicts of Interest – Disclose any conflicts of interest, the broker’s fee structure, and any financial incentives they have, including whether the broker receives higher fees for brokering certain loans. Brokers who are paid higher fees with certain lenders, loan types, or terms other than the size of the loan, may not state they are acting in the best interest of the potential borrower.
  • No Fees for Failure – No fees can be charged to the potential borrower if the broker is unable to find them a loan and if the borrower does not accept a loan secured through the broker’s services.
  • Responsive Complaint Management – If a complaint is submitted, provide a confirmation of receipt within five days and in writing, when possible, and research and resolve the complaint in a timely manner.

5. The Right to Inclusive Credit Access

You have a right to fair and equal treatment when seeking a loan. In order to protect your Right to Inclusive Credit Access, lenders and brokers must:

  • Non-Discrimination – Respect the letter and intent of fair lending laws, including the EqualCredit Opportunity Act. Do not discriminate against small business owners on the basis of race, color, religion, national origin, sex, marital status, age, sexual orientation or identity, or any other protected class. Lesbian, Gay, Bisexual and Transgender (LGBT) small business owners deserve the same protection when seeking or obtaining credit.

6. The Right to Fair Collection Practices

You have a right to be treated fairly and respectfully throughout a collections process. Collections on defaulted loans should not be used by lenders as a primary source of repayment. In order to protect your Right to Fair Collections Practices, lenders must:

  • Fair Treatment – Abide by the spirit of the Fair Debt Collection Practices Act and provide borrowers similar protections as described in that Act.
  • Responsible Oversight – Diligently vet and oversee the collections practices of third-party collectors and debt buyers. Do not work with collectors or debt buyers who fail to treat borrowers fairly.
  • Accurate Information – Transmit accurate, current, and complete information about the loan to third-party collectors and debt buyers.

Business Center for New Americans Attestation Form
Small Business Borrowers’ Bill of Rights
Signatories to the Small Business Borrowers’ BoR

The term “loan” and related terms used here such as “lending” are intended to be interpreted in the broadest sense possible so as to include loans, lines of credit, merchant cash advances, and similar products offered and provided to U.S. small businesses, whether or not such credit products are characterized legally or otherwise as loans. Similarly, the terms “lender” and “borrower” are intended to be interpreted in the broadest sense possible so as to include, in the case of lenders, credit marketplaces that facilitate loans on behalf of lenders, cash advance providers, and all manner of persons providing loans to U.S. small businesses or evaluating the creditworthiness of such small businesses in connection with providing a loan, and, in the case of borrowers, all U.S. small businesses who seek or obtain a loan.

*APR (annual percentage rate) is the annual rate that is charged for borrowing, expressed as a single percentage number. It includes fees as well as interest rate, and represents the actual yearly cost of funds.

**While it may be appropriate to charge a reasonable service fee for loan modifications that clearly help the borrower, it is not acceptable to effectively double-charge the borrower while refinancing or renewing by assessing the predominant financing charge, such as a 20% factor rate, on a borrower’s outstanding principal, which they have already paid for.

***While recognizing that some situations may require more time to resolve, a lender will be expected to research and resolve a complaint in less than three weeks.

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Our Loan Staff

Leonid Ostrovsky

Director of Lending
212-898-4130
Languages: English and Russian

Vish Dasma

Senior Loan Officer
347-808-7827
Languages: English, Hindi and Kannada

Juan Gonzalez

Senior Loan Officer
Manhattan: 212-898-4167
Queens: 347-649-1488
Languages: English and Spanish

Calvin Fletcher

Manager of Refugee Program & Loan Officer
212-898-4126

Maria Paulino

Senior Loan Officer
718-701-4110
Languages: English and Spanish

Zach Logan

Loan Officer
212-401-6229
Languages: English and African dialects of Liberian Coloqua, Bassa and Kru

What an Accompany Capital Loan Could Cost You

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