RapidTRACTM Loan
Core Bank offers a quick and easy financing option to help you get the funds you need for your business!
Core Bank is committed to providing you the financial guidance you need for your business. Our team of friendly professionals is the trusted resource for receiving the financing you need that can help your business grow. We want to help you succeed with the help of our RapidTRACTM Loan program!
RapidTRACTM loans can be used for specific business investments such as expansions, large purchases, or starting new business projects.
When you get approved for a RapidTRACTM loan you’ll receive a lump sum upfront and the option to apply for more financing after the loan is halfway paid down. Loan amounts and repayment terms will range depending on the size of the loan.
LINE OF CREDIT
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MINIMUM REQUIREMENTS:
TIME IN BUSINESS: At least 1 Year
MINIMUM PERSONAL FICO SCORE: 700
ANNUAL REVENUE: Annual business gross revenue of $40,000 or more
CORE BANK BUSINESS CHECKING ACCOUNT: Yes
REVOLVING LINE LIMIT: $10,000 – $50,000
TERM: 36 Months
TERM LOAN
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MINIMUM REQUIREMENTS:
TIME IN BUSINESS: At least 1 Year
MINIMUM PERSONAL FICO SCORE: 700
ANNUAL REVENUE: Annual business gross revenue of $20,000 or more
CORE BANK BUSINESS CHECKING ACCOUNT: Yes
TERM LOAN LIMITS: $10,000 – $150,000
TERM: 60 Months
FAQs
Are there any requirements for a RapidTRAC Loan?
There are a few minimum requirements that need to be met in order to qualify for a RapidTRACTM Loan at Core Bank. They include:
- At least 1 year in business
- Minimum Personal FICO Score of 700
- Annual business gross revenue of $20,000 or more for term loans and $40,000 or more for lines of credit
- A Core Bank Business Checking Account
What documents will I need to provide?
There are some documents you’ll need during the application process. These could include:
- Official Articles or Certificates of the Business
- Corporate Resolution
- Operating Agreement
- Personal Government Issued Photo ID
- Proof of EIN
- Completed Beneficial Ownership Certification
How much can I borrow?
Term Loan: You may borrow between $10,000 and $150,000 but no more than 50% of your gross annual revenue. So if your gross annual revenue is $100,000, your total loan amount cannot exceed $50,000.
Line of Credit: You may borrow between $10,000 and $50,000 but no more than 25% of your gross annual revenue. So if your gross annual revenue is $100,000, your total loan amount cannot exceed $25,000.
Are there origination costs?
Yes. There is a $249 origination fee per loan. Lines of Credit also have an annual fee of $99.
Where are RapidTRAC Loans available?
RapidTRACTM Loans are currently only available in Nebraska, Kansas, Missouri and Iowa.
Are there any restricted industries?
We lend to several industries, but there are some areas we are unable to provide funds for, which include, but not limited to:
- Lotteries | Casinos | Raffles | Gaming | Gambling
- Money Services Business
- Drug Dispensaries
- Ammunition and Firearms Manufacturing
- Government & Non-Profits, Public Administration, Civic Organizations
Can I payoff my loan balance early?
Yes, you can payoff the loan balance early without incurring any penalty fees.
How quickly will I receive my funds?
After loan approval and once a deposit account has been opened with Core Bank, you will receive funds in the Core Bank checking account within 3 business days of offer acceptance and providing required documents.
Am I required to accept a loan offer?
No. You have 30 days to decide and there’s no obligation to accept a loan offer.
How is the interest rate of my loan determined?
RapidTRACTM Loan offers very competitive rates, and the final interest rate on your approved loan will depend on several factors. To learn the interest rate and terms of the loan we encourage you to apply. There is no obligation to accept the loan.
Do you allow sole propietorships to apply?
If you don’t have an existing Core Bank deposit account, sole propietorships will not be accepted at this time. Please reach out directly to one of our bankers.
Find a Core Bank Near You
Core Bank proudly offers personal and business banking solutions made for you. With banking centers in Omaha, Overland Park, and Mesa, we’re here to help you borrow and save confidently. Discover your nearest Core Bank today!