When building capital to start a business, people often use their own personal savings and often get help from family and friends. Often, that’s not enough and people starting small businesses need to find assistance with financing. Many of these people turn to a CDFI. A CDFI is a small private sector financial institution. Examples include community banks, credit unions, and community development funds.
Not everyone will qualify for assistance with financing from a CDFI. Those more inclined to find assistance with financing from a CDFI include the following:
- Low-income business owners
- Minority business owners
- Veteran business owners
- Women business owners
These CDFI’s will try to help you qualify for a variety of lending programs. These programs include conventional loans and SBA loans.
What To Bring When Working With A CDFI
When you’re going to meet with a CDFI to get a small business loan, you will likely need the following documents:
- Business & Personal Credit Reports
- 3 Years of Business & Personal Tax Returns
- 6 Months Business & Personal Bank Statements
- Balance Sheet (Year-to-Date)
- Profit and Loss Statement (Year-to-Date)
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