HFLS Small Business Loans are intended to help entrepreneurs launch or expand a small business and to help businesses impacted by COVID-19. All loans are interest-free and require no application fee, origination fee, or collateral.
Small Business Loan amounts and repayment terms are determined by the HFLS Small Business Loan Committee. The maximum loan amount is $50,000, and the average repayment term is two to three years.
Loan repayments begin approximately three months after the loan is disbursed. Scheduled loan repayments are automatically withdrawn from a borrower's checking account through ACH.