BUSINESS LOAN PROGRAM

FUNDING YOUR SUCCESS.

The EPI Business Loan Program typically lends $25,000-50,000 to qualifying businesses.

Our loans are completely interest-free and we do not take a part of your company. We are 100% invested in the success of your business.

We have funded over 500 businesses to date. Yours can be next!

AM I ELIGIBLE?

Check your eligibility to see if an EPI Business Loan is right for you.

New : Your business must be new or opening a completely new dimension (i.e. new facility, business model, product line).
Local : You must be located in the greater NY, NJ, PA area.
Matching Funds: You must have invested a comparable amount of money to the amount that you are looking to borrow, from personal, family or other sources.
Building your Business: The borrowed funds must be used to build your business and cannot be used to pay off debt, for any investments including real estate, or to pay your own salary as you build your private practice.

COVID UPDATE

Businesses recovering from COVID are also eligible to apply for an EPI Business Loan.

LOAN PROCESS AT A GLANCE

Apply

Submit your loan application here. It is only necessary to fill in the required fields marked with an asteriks*.
Onboarding (1-7 days)

Receive a call from an EPI rep to verify that your business qualifies for a loan and get individualized instructions on preparing the business plan and financials that you will need to present at the next loan meeting.
Board Presentation (3-6 weeks)

Present your business to the Board of Directors at the next EPI Loan Review Meeting in New York City.
Personal Reference and Areivim/ Guarantors (1-5 days)

Upon approval, you need to submit the name and cell number of your Rav for personal reference and two areivim for the entire amount of the loan. Once the areivim are approved (see details below), you must submit the promissory note signed by you and your areivim, as well as the areivim’s signed, undated checks.
Receive the Funds (Same Day)

As soon as we receive the required documents, you will receive a check for the full loan amount.
Repayment

In the 3rd month following your receipt of the funds, loan payments will commence. The payments are withdrawn via ACH from your bank account over the subsequent 34 months.

REQUIREMENTS FOR AREIVIM

Guarantors must:

Be willing and capable of assuming the payment for the entire amount they guaranteed (in the unlikely, worst-case scenario).
Provide the name and number of a rav as a personal reference- rabbonim and community leaders will not be accepted as areivim.
Contact EPI staff member directly to give verbal consent.
Submit signed, undated checks in the amounts specified by EPI and sign the Guarantor Form upon receiving approval.

Apply now

FAQs

How long does the process take?

Typically, 4-8 weeks. It is partially dependent on how quickly you submit required paperwork.

Does EPI lend amounts less than $25,000?

Occasionally yes.

Does EPI lend amounts greater than $25,000?

EPI lends amounts up to $50,000 at the discretion of the Board of Directors.

How much is the monthly payment on a $25,000 loan?

$735.30

If I have poor credit, can I still be considered?

Yes.

Will credit information that I provide on the application be shared with anyone or any institution?

No.

What stage of business do you lend to?

Ideally you need to be able to show some sales history and be within the startup stage of 1-2 years. Existing businesses that have added on a new product line or other significant positive change may be considered for a loan as well.

What can I use the borrowed money for?

Buying new inventory, salaries, equipment, furnishing space and other startup expenses.

Can I use the money to invest in real estate?

No, the money may not be used for any investments including real estate.

Can the money be used to pay down debt or to pay my own salary while I build a business?

No.

How many areivim could I have?

As many as you need, however the money needs to be guaranteed twice. For example, on a $25,000 loan you can have 2 people who guarantee the entire $25,000 or 10 areivim guaranteeing $5,000 each.

What will happen if I can’t make the payment one month?

We will withdraw twice in the following month.

How and when is the loan repaid?

We will automatically withdraw funds via ACH debit from your checking account on the 1st or 15th of each month, starting the 3rd month after you receive the loan.

Will you deposit checks from the areivim?

We will do whatever we can to help your business succeed but in the unlikely event that you cannot repay the loan we will notify you and the areivim that we will deposit their checks.

Even if I wasn’t granted the loan, I’d still be eternally indebted.

After the many hours of care and expert advice I received from the EPI staff, helping me prepare for the Loan Review Meeting, I told Zisha Novoseller that the experience was so positive and enlightening that even if I wasn’t granted the loan, I’d still be eternally indebted for the education and experience that Bernie and Zisha taught and shared with me.

Shalom M.

Business owner

Your Success Is Our Only Return.