SMB Quiz

Question 1

What are SMB Loan Minimum and Maximum Amounts?

Accepted Answer

Min $5,000 - Max $200,000

Question 2

There is significantly less regulatory oversight for commercial loans.

Accepted Answer

True

Question 3

What type of business loan does SMB offer?

Accepted Answer

Short Term Loan

Question 4

What new applicant information is requested for SMB Loans?

Accepted Answer

Entity information and Beneficial Ownership

Question 5

The SMB Application Disclosure (TILA) will be updated when state requirements are finalized.

Accepted Answer

True

Question 6

A Personal Guarantee is required for all SMB Loans?

Accepted Answer

True

Question 7

What are the SMB Loan Terms?

Accepted Answer

1 Year, 2 Year

Question 8

The business does not have to be registered to be eligible for the SMB Loan.

Accepted Answer

False

Question 9

Which regulation outlines requirements for collection and verification of entity and Beneficial Ownership information.

Accepted Answer

CIP/CDD

Question 10

What model was NOT trained for SMB?

Accepted Answer

Verification Model

Question 11

What is the minimum FICO for SMB loans?

Accepted Answer

550

Questions 11