![]() It is tech-driven and has initiated a number of online avenues for educational and credit experience. The company offers financial assistance to Latino-owned small businesses that have amassed an unmet credit requirement of up to $6.8 billion. It was founded in 2014 and is headquartered in the Greater Los Angeles Area in the West Coast. It offers business solutions and loans for the benefit of small businesses and covers categories like financial services, credit, small and medium businesses, and commercial lending. Other perks include in-person workshops and networking events held at Camino’s headquarters in California, along with discounts on such services as insurance, bookkeeping and tax preparation.Camino Financial is a finance company which operates online. Plus, Camino offers support designed for minority business owners you might not find at competitors, benefits such as private consultations with business experts which can be held either by phone, instant chat or email. Latino business community is one reason Mexico-based Crédito Real recently backed Camino with an $8 million investment. Supporting a thriving but underbanked U.S. Twin brothers Sean and Kenny Salas founded Camino Financial in 2016 with an eye toward helping entrepreneurs who struggle to obtain traditional business financing, small business owners like their mother who lost her restaurant chain when the brothers were 12. That’s likely on par with similar alternative lenders, but you might find rivals with better starting rates, especially if your credit is strong.īut Camino considers applicants who may otherwise be turned away. But it comes with a cost: APRs as high as 24.75% when you translate its monthly interest rate plus closing fees. You might find more lenient eligibility criteria for credit and cash flow with Camino Financial than you would at a bank or even other online lenders. A full application will most likely require you to submit certain financial documents: Once you accept the terms for your new loan, you can usually expect to have the funds delivered to your bank within two business days. You can prequalify with a soft credit pull. If using the latter method, you’ll plug in basic information, such as your name and the name of your business, loan amount and how you plan to use the loan. You must also have a business bank account.Ĭamino Financial does not offer loans in Hawaii, New Jersey, North Carolina or Puerto Rico, and doesn’t work with the following types of businesses:Īpplying for a small business loan with Camino Financial is relatively easy, and can be done by phone at 80 or through its online application form. ![]() In addition, your business’s rent or mortgage needs to be paid consistently on time and the last two years should be clean from any bankruptcies. 9 consecutive months in business or longer.Minimum of $30,000 annual revenue or $2,500 per month.This is where Camino Financial stands out when compared with other online business loans - its credit requirements and other qualifications are more lenient than some rivals: You may be eligible for better terms if your credit has improved since you took out your original loan. Renewing your loan is possible, but be aware you’ll need to have paid 50% to 60% on your loan before borrowing more. Camino Financial may place a UCC filing in case of default. Loan repayment terms are once a month, and neither collateral or a personal guarantee is required. There are no origination fees, but there is a closing fee. When translated into APR above, a Camino Financial loan can be expensive, but you could pay it off early without penalty. Camino Financial advertises a monthly interest rate as low as 1.0%, but it’s important to understand the difference between a monthly rate and the more familiar annual percentage rate (APR) which includes the cost of financing, including fees.
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