|Q: Who qualifies for the Down Payment Program?
A: Sole proprietorships and business entities whose sole owner or principal owner(s) self-identifies as a woman, Black or African American, Hispanic or Latino, American Indian or Alaska Native, Asian, Native Hawaiian or other Pacific Islander—with 51% ownership and control of the business.
Q: Does the money have to be repaid?
A: The grant portion of your down payment—up to $25,000—does not have to be repaid.
Q: Can I take advantage of the program if I plan to move to a different location?
A: Yes. This program applies to SBA loans for the purchase of owner-occupied commercial real estate in Opportunity Zones within the city.
Q: What is an Opportunity Zone?
A: Opportunity Zones were created to spur private investment in areas across the United States that have not seen the same level of economic recovery as other communities.
Q: If I don’t qualify for the program, can I still apply for an SBA loan?
A: Yes. You may still apply for SBA loan products, which require a down payment as low as 10% and may feature longer repayment terms. SBA loans are available to both new and established businesses.
If you have any other questions, please speak with a BoA Small Business Specialist today, by clicking here.