Lending
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:
- Businesses must be located in one of the following areas:
- DC: District of Columbia
- MD: Montgomery County, Prince George’s County
- VA: Arlington County, City of Alexandria, Fairfax County, City of Fairfax
- 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/or personal) or have filed an extension
- 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 unregistered business, or a Limited Cooperative Association
- Cannot be a business within the following
list of restricted industries
Documentation Requirements:
View the documentation Wacif requests during its underwriting process.
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:
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:
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.