Lending

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Financing that fits your business

Lack of financing is one of the most common reasons a small business does not succeed. With Wacif you’ll find both a partner and flexible lender that will work to find the best financing possible to fit your individual needs and goals.

Loan Products 

Wacif currently offers the following loan products:​

Term Loan

$10,000 – $250,000

Terms

  • Loan terms up to 72 months
  • Interest rates starting at 7.75%
  • $150 non-refundable application fee
  • 3% Commitment and Servicing fee due at closing
  • No Pre-payment penalty
  • No minimum Credit Score
  • Collateral Requirements: Security interest in all business assets, Personal Guarantee of key owners

Eligible Loan Purposes

  • Equipment Financing
  • Inventory
  • Working Capital

Line of Credit

$10,000 – $250,000

Terms

  • Loan terms up to 12 months
  • Interest rates starting at 11.12%
  • $150 non-refundable application fee
  • 3% Commitment and Servicing fee due at closing
  • No Pre-payment penalty
  • No minimum Credit Score
  • Collateral Requirements: Security interest in all business assets, Personal Guarantee of key owners

Eligible Loan Purposes

  • Financing Accounts Receivable (A/R) for contracts and other working capital needs

Are you eligible for a small business loan with Wacif?

Wacif requires the following minimum eligibility criteria to be met for all potential borrowers:

  • Business must be located in one of the following areas:
    • DC: District of Columbia 
    • MD: Baltimore City, Baltimore County, Montgomery County, Prince George’s County  
    • VA: Alexandria City, Arlington County, Fairfax City, Fairfax County  
  • Business owner must be a U.S. citizen, legal permanent resident, or have a valid work visa
  • Must have filed federal income taxes with the IRS (business and personal)
  • Business must have a business bank account
  • Must have been in business for a minimum of 1 year
  • Must have had business revenue at or above $50,000 during the previous fiscal year
  • Cannot be a non-profit (with the exception of child care centers), an unlicensed business, or a Limited Cooperative Association
  • Cannot be a business within the following list of restricted industries
    • Lobbying or politically-focused businesses;
    • Any speculative business (such as oil wildcatting);
    • Any business that presents live performances of a prurient sexual nature; or derives directly or indirectly more than 5 percent of gross revenue through the sale of products or services, or the presentation of any depictions or displays, of a prurient sexual nature;
    • Any businesses teaching, counseling or indoctrinating religion or religious beliefs;
    • Any pyramid sale distribution plan;
    • Gambling (including legal);
    • Any financial business primarily engaged in lending, or loan packagers earning more than one third of their gross annual revenues from packaging SBA loans;
    • Life Insurance companies;
    • Any business engaged in illegal activity;
  • Wacif additionally prohibits borrowers from the following industries:
    • Tanning salons
    • Cannabis businesses
    • Pawn shops
    • Astrology, palm reading

If you are eligible according to the above guidelines and are interested in obtaining a small business loan from Wacif, please fill out the following Inquiry Form: https://share.hsforms.com/14ti_L0tYTw2lJwY-M9zIrA2oyoi

If you have questions about your eligibility or how to become more loan-ready, you can sign up to talk to one of our Small Business Advisors at the following link: https://wacif.org/get-involved/become-a-wacif-client/ 

 

Disclaimer: The Loan Inquiry Form linked above is not a loan application. You are not considered an applicant until you fill out a loan application form. Meeting the above eligibility criteria does not guarantee that your business is eligible to apply for a loan or that your business will receive a loan from Wacif.