Frequently Asked Questions
We will contact you in ten (10) days of receiving your loan application.
Up to 45 business days for a loan approval, up to 60 business days to close and fund your loan. (These dates can vary depending on the type of loan and how quickly we get documents from client.)
Interest rates vary depending on each loan and the associated risk. Rates are based on U.S. Treasury rate and are subject to change.
While loan terms vary depending on a variety of factors, generally loans from ACCESS CDFI have terms ranging between 12-60 months with rates between 6.00% – 15.00%.
No, clients are referred to their local SBDC office which provides education classes on business plan preparation.
Loans from ACCESS CDFI generally range between $5,000 and $250,000.
Yes, however, there may be additional requirements such as mandatory technical assistance from an established economic development organization (SBDC, SCORE, Mentor Program, etc.)
Yes, after you receive a loan, on-going technical assistance, as determined by the ACCESS CDFI is required.
We have an overall financial condition viability requirement that includes consideration of client credit score. Therefore, an isolated target credit score is not utilized, however credit is a part of our loan evaluation and good credit is preferred.
- Complete the loan application on our website
- Submit the application with ALL of the required documentation to our office.
Explore our loan products
No, we do not provide personal loans. However, some business owners may benefit from our credit builder loans, designed to pay off existing debt and increase your credit score.
Along with the more traditional working capital and term loans, we provide micro loans, credit builder loans, and financing to pay off more expensive debt, such as merchant cash advances.
Collateral and guarantee requirements vary based on a variety of factors. Determination is decided on a case by case basis.
There are no pre-payment penalties for most of our loans. Some SBA loan products are subject to pre-payment penalty based on their structure.
Loans may include an application fee along with a commitment fee upon closing.
Established businesses can use the ACCESS Microloan program to support their financing needs. If your business has a break-even or positive cash-flow, and a history of paying its debts, then you’re a good candidate for the ACCESS Microloan. To be considered for automatic approval, you must meet the following requirements:
- Two or more years in business
- Employs two or more people
- Business has cash flow that’s positive or break-even
- Owner’s personal credit score is 640 or higher
- More than $120,000 in annual revenue
- No liens or judgments filed for you or your business within the last 3 years
- Business and owner have no prior bankruptcies
Even if you don’t meet some of the requirements above, give us a call. You can still work with ACCESS to reach your goals. Find out if you’re eligible for our free business advisory services, which can help you get loan-ready, repair your credit and improve your business’s financial picture for the future.
Please note that we do not lend to money-service businesses; ‘passive’ businesses engaged in owning, purchasing, leasing, or re-selling real estate or other assets; or those operating in sin industries.
The ACCESS Microloan program is versatile, and you can use it for almost any business purpose. With lower loan amounts available at a lower interest rate, and no prepayment penalty, you can use a Microloan to bridge a financing gap now, and pay it back as quickly as you want.
Many business owners have used the Microloan to finance working capital needs in a pinch, support upgrades and expansions for their businesses, or to kickstart new marketing and promotion initiatives. In particular, the SBA Microloan program is a great fit for:
- Working capital
- Equipment purchase
- Technology improvements
- Debt refinance
- Leasehold improvements
With the ACCESS Microloan, you’ll find an affordable and responsible option for smaller financing needs, and one-on-one support to help you every step of the way. How will you use your Microloan?
If you’re a certified Minority- and Women- Owned Business Enterprise (MWBE) bidding or executing on a contract with a government agency, you may qualify for the Contract Financing program. MWBEs undergo an extensive certification process. In turn, they receive increased access to certain government contracts for minorities and women, and have access to networking and other benefits.
Certified MWBEs of all shapes and sizes can benefit from Contract Financing. Perhaps you self-funded previous smaller contracts and are looking to move to the next level. Or, you have a track record of performing on large contracts and can take on more work, but have maxed out your line of credit with your bank. Contract Financing can provide access to funding when other sources might not be available.
You can use your Contract Financing loan for working capital when bidding or executing on a contract with the State of Nevada, a Federal Agency, or an approved prime company.
Having working capital on hand means that you can more easily hire staff, purchase materials or equipment, and more. You’ll also be able to demonstrate that your business has the funding to successfully complete the job and better position yourself to win the contract bid.
If you are looking for a Contract Financing loan as a way to grow your business after being awarded a new contract, please start an application or contact us.
Contract Financing loans can help position you to successfully compete for government contracts.