Women's Opportunities Resource Center - Philadelphia; Center City
Womens Opportunities Resource Center - Lending Program
WORC offers five loan products for the low-income borrower: Credit Builder Loans of $500 to $1,000 - Application Fee $25, Commitment Fee $25 - Interest Rate: Prime + 8% - Term up to one year (12 months) Direct Loans of $500 to $2,500 - Application Fee $50, Commitment Fee $50 - Interest Rate: Prime + 8% - Term up to two years (24 months) Credit Lines of up to $2,500 - Application Fee $50, Commitment Fee $50 - Interest Rate: Prime + 8% - Term up to two years (24 months) Small Business Loans of up to $10,000 (for existing business only) - Application Fee: $100 - Commitment Fee: 2% of Loan Amount - Interest Rate: Prime + 3-5% - Term: up to three years (36 months) Near Equity Loan Product - up to $35,000 - Application Fee - $400, Commitment Fee - 1% of Loan Amount - Interest Rate 6-8%; Participation Fee of up to 1% of annual gross sales - Term of five to seven years In addition, WORC is certified as an SBA Pre-qualification and Low Doc Agency packaging loans up to $250,000. Prequalification loans are limited to Minorities, Women, Veterans, and Disabled. Process results in a Pre-Approval letter from the SBA if approved. The applicant must pay a $500.00 loan-packaging fee to WORC under contact. WORC will complete the loan packaging and work with the applicant to present to area banks for funding. Additional fees apply when a bank for funding approves the business.
2010 Chestnut Street
Philadelphia, PA 19103
Email Address: info@worc-pa.com
Intake Procedure: It’s easy to apply! Click on the Loan Application Form link on our website to download an application and send us the completed application and requested documents. If you prefer, you may contact an EOF Loan Officer at 215.564.5500 or loanofficer@worc-p
Fee Amounts: Between $50 and $400, depending on loan product.
Services:
  • Business Financing
  • Minority Business Development
  • Personal Loans
* The community resource directory information is up to date to the best of our knowledge. However, you should always call the provider to confirm this information and make an appointment. Be sure to confirm payment information with the provider, if payment is required. Pennsylvania 211 does not rate, recommend or endorse any agency. We simply provide information as a public service.
Women's Opportunities Resource Center - Philadelphia; Center City
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