Details of the Thrive Loan Program
Program Launch Date: July 1, 2010
- We are in the process of raising $110,000 to re-finance some of the outstanding debt that incurred by Thrive during our start-up, as well as to purchase equipment that will allow us to expand our offerings and increase our efficiency. In some cases, we are currently paying as much as 24% interest on outstanding debt, and last year, we paid over $10,000 in interest payments alone. These interest payments are making it very difficult for us to get ahead, and our outstanding credit card debt is making our FICO score too low acquire bank funding at this time.
- We are reaching out to friends of Thrive who have access to capital and would like to help us lower our interest rates and eliminate our credit card debt through our Loan Program. After all, we’d much rather be paying interest to you, our community, than to the banks.Loans vary in size, and vary between 5K and 40K. The higher the loan, the higher the interest you will receive. In addition to the interest, all lenders will also receive discounts on Menu items in the café for you and your immediate family, and the higher the loan, the higher the discount you shall receive. The following table describes loan amounts and their associated benefits and re-payment schedules.
| LOAN AMOUNT | SLOTS AVAILABLE | INTEREST RATE | MENU DISCOUNT | TERMS |
|---|---|---|---|---|
| $5,000 | Up to 20 | 4% | 15% | 24 |
| $10,000 | Up to 10 | 4.5% | 15% | 24 |
| $15,000 | Up to 7 | 5% | 20% | 36 |
| $20,000 | Up to 5 | 5.5% | 20% | 36 |
| $25,000 | Up to 4 | 6% | 25% | 48 |
| $30,000 | Up to 3 | 6.5% | 25% | 48 |
| $35,000 | Up to 3 | 7% | 30% | 60 |
| $40,000 | Up to 2 | 7.5% | 35% | 60 |
| $100,000 | Up to 1 | 5 | 40% | 80 |
- It is important to understand that lending to a start-up business involves a high degree of risk, and should the business fail, there is no guarantee of re-payment.
- Each Loan Agreement must be notarized and an amortization schedule will be attached, showing payment due dates, payment amounts, and interest accrued.
To submit a request for paperwork, please complete this form.
