The Rebound Loan
A loan product for today’s business needs
- 50% Loan Forgiveness
- Refinance “High Interest” Debt
- Pay Delinquent Rent
- Make PPE Improvements
- Low-Interest Rate (3%)
Is Your Business Ready To Bounce Back?
To Apply, See the “Apply Online” Button Below
The Rebound Loan offers low-cost funds for small businesses impacted by COVID-19 with 50% of the loan forgiven when repayment terms are met.
To qualify, the business must have been open and generating revenue prior to February 15, 2020, and annual revenue cannot exceed $800,000 in 2019. The business must be based in one of the following Pennsylvania counties: Philadelphia, Delaware, Montgomery, Bucks, or Chester.
Use the “Apply Online Here” button below to complete your pre-application.
Pre-Application
The pre-application will be open from June 1 -June 30, 2022. Pre-applications will then be reviewed and eligible businesses will be selected for underwriting based on prioritization criteria.
Selected businesses will need to submit the following documents within 10 days of notification:
- Full Application (We will send it after selection)
- $25 Application Fee, plus $25 for each additional owner or co-signer (We will send a PayPal invoice for you to pay online.)
- Copy of Photo ID (for each applicant/business owner)
- Most Recent Personal and Business Account Bank Statements (4 months)
- 2019, 2020, and 2021 Tax Returns
- Interim 2022 Profit and Loss Statement (P&L) and Balance Sheet
- Year to Date Cash Flow (January ‘22 – June ’22)
- 12-Month Cash Flow Projections
Loan Amount & Terms
- Interest rate: 3%
- Interest-only period: each loan will have the option of a 6-month interest-only period
- The maximum loan amount is determined by the annual revenue amount.
| Annual Revenue | Max Loan Amount | Max Terms | Estimated Monthly Payment |
| Up to $50,000 | $5,000 | 2 years | $175 |
| Up to $100,000 | $10,000 | 3 years | $200 |
| Up to $200,000 | $15,000 | 3 years | $300 |
| Up to $300,000 | $20,000 | 4 years | $330 |
| Up to $800,000 | $25,000 | 4 years | $415 |
*Annual Revenue is determined by the 2019 Tax Returns and Schedule C for the business.
*Maximum Terms – the terms of the loan will be determined by counting the number of monthly payments in an amortization schedule needed to repay 50% of the loan principal.
*Estimated Monthly Payment is only an estimate.
Loan Forgiveness
When 50% of the loan has been repaid and the following conditions are met, the remaining 50% will be forgiven and become a grant.
The conditions include:
- 50% of principal repaid and a minimum of 12 months of repayment history.
- Loan must be current (and any other EWF loans must be in good standing).
- Borrower must have no more than 3 late payments.
- Borrower must submit financial statements as requested by EWF: quarterly financial statements during year 1, followed by annual financial statements; or as requested by EWF.
- Business must still be open and operating at the time of forgiveness.
Loan Prioritization
Due to limited funding available, the following businesses will be prioritized:
- Businesses most impacted by COVID-19.
- Historically disadvantaged businesses (minority-owned).
- Businesses owned by low- to moderate-income individuals.
- Businesses located in low- to moderate-income communities.
- Businesses with a bricks-and-mortar location.
For questions or more information contact Kim Cooper at Kcooper@entre-works.org