Apparel Industry Board,
Inc. (AIBI) and Richard Driehaus in conjunction with Harris Bank (Bank) are pleased to
announce a specialty-financing program to assist Chicago area designers, who are members
of the Apparel Industry Board, Inc. (AIBI).
- The purpose of the financing program is to enable
those Chicago designers who may be unable to obtain financing on their own, to work
through AIBI to obtain a Purchase Order Loan from Bank.
-
- Through this program, Borrower is able to obtain
financing at a lower rate than what is generally available.
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- The structure of the specialty-financing program is
as follows:
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- Potential Borrower first receives an application
packet from AIBI. Upon completion, the application packet must be returned to AIBI
which will forward it to Bank with a copy(ies) of the purchase order(s) involved.
Potential Borrower will meet with Bank Loan Officer who will submit a loan application on
behalf of Potential Borrower. If Potential Borrower meets Bank’s loan criteria,
Bank will move forward with their normal loan procedures.
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- If the application does not meet the criteria for a
commercial loan, Loan Officer then contacts AIBI’s Loan Review Committee to determine
if Potential Borrower is a candidate for a guaranteed loan. If selected, the
following are some of the terms now Borrower must agree to:
- ·
Loan amount: 60% of the amount of the purchase order, not to exceed $50,000.00, nor
to be less than $2,500.00.
- ·
Guarantor(s): Personal guarantee of Borrower to AIBI (in the case of default,
Borrower is personally liable to Bank and AIBI for any outstanding balance due to any
cause whatsoever, including but not limited to bankruptcies, charge-backs, defaults,
mark-downs, etc.
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- For additional information, please contact Marsha
Brenner, AIBI Executive Director at (312) 836-1041.
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