Texas Business

Development Center

GoTexasLoan.com 

Email Us at info@GoTexasBusiness.com

Call Us at (866) 258-7095

Toll Free: 

(866) 258-7095 

Fax: 

(800) 796-7196 

 

 

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Once your loan is approved we will email you a Micro Loan Document Checklist and Business Loan and Security Agreement this is only an example, more documentation may be required and is determined on case by case basis. At the bottom of this page is an example of a $50,000 loan (here). Put Your Mouse over the By placing your mouse over any red arrow image like this you can find more information about the document it is in front of Icon to get more information on each document 

 

REQUIRED LOAN AGREEMENT DOCUMENTATION  

 

Business Loan and Security Agreement : This is the agreement that confirms the terms of the loan and how it will be paid back, also has all the legal text required Business Loan and Security Agreement

Authorization Agreement for ACH Credit and Debit: The form that authorizes your bank to let us debit your business bank account for the loan payments as per the agreement terms Authorization Agreement for ACH Credit and Debit

Void Check from Business Account: This is to insure we have the correct routing number and account number, a deposit slip will not be accepted as some time the routing numbers are not the same as checks Void Check from Business Account

Business Loan and Security Agreement Supplement

 

ADDITIONAL CLOSING DOCUMENTATION

 

Certificate of Incorporation: If incorporated this document is required to verify ownership of business loan is being funded for Certificate of Incorporation; Business Utility Bill: Use to verify billing address and physical address of business being funded Business Utility Bill; Business Phone Bill: Additional verification of business and physical address Business Phone Bill; Copy of Business Lease: Verify that lease is current and in good standing Copy of Business Lease; Copy of Business License: Or Sales Tax Permit to verify registration and recognition as a business by an official state office Copy of Business License; 2007 Tax Returns (Business): As with any loan tax returns are required to verify income and stability of business being funded 2007 Tax Returns (Business)  

 

OWNERS AND LOAN SIGNERS CLOSING DOCUMENTATION (for ALL Owners and Signers)

 

Drivers License: A copy from all the owners and signers on the Micro Loan is required Drivers License; Social Security Card: Required by law to verify applicants are registered citizens with the US Social Security Card; Home Utility Bill : This verifies the home address of each signer, a copy from each signer is required Home Utility Bill  

TBDC will be closed for the Holidays the week of Monday December 22ond thru the 28th, Open again on December 29th

Home Of Go Texas Loan.com Unsecured business loans up to $100,000 for any US Based business How A Micro Loan Works: A brief explanation of how a Micro Loan works Who Qualifys for a Micro Loan? This will have alll the information about what is required to qualify fo a Unsecured Micro Loan Documents Required to approve a Micro Loan: Lists everything you ned to do to get approved for a Loan Documents Required To Fund a Loan: After you have been approved supporting documentation will be required before funding listed here Frequently Asked Questions: Everyone has questions or simply needs mor information, here are some standard questions we have encountered: asked and answered. Agent Bank Program: Link to Agent Partners with The TBDC and On Deck's Micro Loan Program

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Below is a SAMPLE Loan at the lowest factor rate (Rates Range From 1.18 to 1.26) 

LOAN TERMS

- Borrower: ABC Retail Business Company

- Amount of Loan: $50,000.00

- Disbursement Amount: (Amount of loan less applicable fees)

- Term: 12 Months

- Payment Schedule:  payments of $229.49 collected M-F

- Total Amount Paid by Borrower to On Deck Capital : $58,976.87

- Collection Method: ACH Draw  

FEES      

- Origination Fee:  $500 (1% of funded amount)

- Broker Fee: $1000 (2% of funded amount, if applicable)

- Monthly Fee: $25.00

- Returned Payment Charge: $25.00

- Late Charge:  (maximum $50 within any 20 day period) $10.00  

 

 

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To keep the cost of capital to a minimum, On Deck isolates operational expenses instead of incorporating them into your rate. This way, as your loan amounts increase, the fees remain constant and your costs are not inflated. As such, you'll incur a $500 Origination Fee that will be deducted from your loan. This covers the cost of creating your account and boarding you onto our loan platform. There is also a Monthly Fee of $25 that covers charges On Deck incurs to deduct daily payments and to offer online reporting.

 

 

 

SAVINGS ANALYSIS

On Deck Capital & TBDC

(12 month term)

Bank Loan

(36 month term)

Cash Advance

(6 month term)
AMOUNT FINANCED: This is the total amount financed or borrowed AMOUNT FINANCED $50,000 $50,000 $50,000
TOTAL PAYBACK: The tota amount that will be paid, principal and intrest when loan terms have been satisfied TOTAL PAYBACK $58,977 $65,981 $67,500
CENTS ON THE DOLLAR: Also called a discount rate, this is the actual cost per dollar borrowed on your Micro Loan CENTS ON THE DOLLAR $0.18 $0.32 $0.35
MONTHLY PAYMENT: The total of all the daily payments made over a one month period of the loan MONTHLY PAYMENT  $4,915 $1,833 $11,250
INFLATED COSTS: Reflects how much more it costs to use traditional bank loans and Cash Advances copmared to our Micro Loan INFLATED COSTS

$0.00 

 $7,004.00 more $8,523.00 more

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Successful repayment of your On Deck loan is simple. All you have to do is ensure that you have enough funds in your bank account to cover the cost of your daily payment. The automatic repayment of your On Deck loan will help you to develop a positive track record so you can access improved rates with us and other banking institutions.  

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GoTexasLoan.com is a Division of the Texas Business Development Center offering Unsecured Business Loans to any US Based business