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As a wholly-owned subsidiary of Local Initiatives Support Corporation, immito is a national, direct lender whose mission is to provide capital to small businesses that have traditionally been under-served by conventional financing institutions.
immito provides SBA 7(a) loans from $250K up to $5M, on fair and reasonable terms, at a low interest rate (Wall Street Journal Prime Rate plus 2.75%, variable), with lower down payments and longer repayment terms than conventional loans. Loans are fully amortizing (no balloon payments) and terms range from 10 to 25 years, depending on use of funds.
Approved uses of funds include:
To qualify requires:
Terms subject to change. All loans are subject to SBA eligibility requirements and immito underwriting and credit approval.