The best online bank of 2020 is now even better.

Radius is now

The best online bank of 2020 is now even better. Radius has joined America’s largest personal loan company to offer our members access to fair credit, competitive rates, and the financial tools to help you get out of debt and make the most of your money.

SBA Loans

Paycheck Protection Program ‘First Draw’

Provides federally-guaranteed loans up to a maximum amount of $10 million to eligible businesses. 

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Program Highlights

  • Government backed loan for 2.5X your average monthly payroll (I.e. 10-weeks) up to $10MM
  • Loan forgiveness available for payroll costs, mortgage interest, rent payments, utilities, as well as some forgivable operation expenditures such as property damage costs, supplier costs, and worker protection expenditures incurred during the covered period. The SBA is expected to deliver a full list of “other” expenditures in the coming days. 
  • 501c3 non-profit, veterans associations, sole proprietors, 1099, solopreneurs also qualify
  • No personal guarantee or collateral needed
Small Business Owner sitting at laptop

What is the Paycheck Protection Program?

The Paycheck Protection Program was created by the CARES Act. The program is run by the Small Business Administration and will be available through Radius Bank. You will be able to borrow money based on “payroll costs” which is defined very broadly and likely includes things not normally thought of as payroll. The borrowed money can be spent on payroll costs, costs related to group health care benefits and insurance premiums, employee compensation, mortgage interest payments, rent, utilities, and interest on any other debt obligations that were incurred before the Covered Period. Maximum loan amounts may not exceed $10 million, will bear interest at a rate of 1.00%, will be subject to partial forgiveness as described below and will be 100% guaranteed by the SBA.

Small Business Owner sitting at laptop

Who is eligible?

  • The Business must be operational as of February 15, 2020 and have had employees it paid salaries and payroll taxes, or a paid independent contractor. Sole-proprietors, independent contractors, and other self-employed individuals are eligible for loans.
  • Businesses with no more than 500 employees are eligible small businesses, or the applicable size standard for the industry as provided by SBA, if higher.
  • 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business concern described in section 31(b)(2)(C) of the Small Business Act with not more than 500 employees are also eligible.
  • Businesses with more than one physical location qualify so long as total combined employees are below 500 employees (unless the businesses operated under NAICS code beginning with 72) or otherwise meet the SBA’s size standard based on NAICS code.
  • Affiliation Rules: The program waives affiliation rules for businesses in the hospitality and restaurant industries, franchises that are approved on the SBA’s Franchise Directory, and small businesses that receive financing through the Small Business Investment Company (SBIC) program. SBA current affiliation rules applies eligible nonprofits.
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What is the application process?

  • Here’s what you’ll need to submit to apply:
    • SBA Form 2483
    • Payroll documentation:
      • 2019 company prepared financial statements or tax returns
      • IRS form 941s for every quarter in 2019
      • IRS form 940 for year end 12/31/19
    • Either your Articles of Incorporation, Articles of Organization, Partnership Agreement, or Trust Agreement
    • Corporate Bylaws/LLC Operating Agreement
    • Copy of Driver’s License for all owners owning more than 20% of the company (at least ONE is required on every entity), even if there is not a 20% owner (i.e. – not for profit)
    • Please prepare a document that answers the following questions:
      • NAICS Code for your organization
      • Date Entity established
      • Have you previously applied for an SBA loan? Yes/no
      • If yes, is loan current?
      • Is applicant a franchise? If so please name the franchise
  • For a list of Frequently Asked Questions about the program, click here.
  • For a list of Frequently Asked Questions about Loan Forgiveness, click here.
PPP First Draw

‘First Draw’ PPP

First Draw PPP Loans can be used to help fund payroll costs and other costs related to Covid-19. 

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PPP Second Draw

‘Second Draw’ PPP

To apply for a ‘Second Draw’ PPP loan you must have received your first PPP loan with Radius.

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Automated Savings

PPP Loan Forgiveness

Use our online application to apply for forgiveness for your first Paycheck Protection Program loan.

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Why choose Radius for your SBA loan?

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  • “Everyone at Radius has been great! This has been a stressful time for small business owners and Radius has really helped me to navigate the application process for an SBA loan. Thanks again to everyone at Radius.”

    Billy C.

  • “Joyce in Customer Service was great… she spent a lot of time with me and made me feel appreciated as a Radius customer.”

    Hayden S.

  • “Joseph in Customer Service couldn’t have been more helpful! It was great to chat with a live person and get my questions answered. It’s been very frustrating with other banks. Thanks Radius!”

    Penelope Q.

  • “Outstanding experience!  Plain and simple!  Chat Bot Rae and Customer Service Rep. Jessica responded quickly and informed me of exactly what I needed to do and took care of my concerns.”

    Amy L.

  • “Jessica at Customer Service was extremely thorough and informative, especially in light of all the uncertainty in the current environment. I am a small biz CPA in North Carolina, and Radius is THE best financial institution I have seen in my 30 years of experience.”

    Hank S.

  • “I’ve been so thankful for the help during this uncertain time. I’m looking forward other future collaborations with Radius. Thank you for being you!”

    Lexi G.

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FDIC Insurance

Your deposits are FDIC-insured up to the highest possible amount allowed – $250,000.6

Customer Support

Have a question? We’re here to help. Chat with us online, or reach us by phone or email.