How to Obtain Financing
To establish your business, it is important to choose a financing source and a lender/investor that meet your needs. The DC SBDC Network can help you set up business checking accounts, lock box services for receivables, and investment savings plans, as well as assist you in preparing your loan package, and addressing the concerns of lenders and investors, such as your capacity to repay, the amount of capital or equity that you need to invest, the collateral and/or guarantees that may be needed as support, and the conditions that could affect your business.
Small Business Financing Options
SBA offers a variety of loan programs for very specific purposes.
7(a) Loan Program The 7(a) Loan Program, SBA’s most common loan program, includes financial help for businesses with special requirements.
Real Estate & Equipment Loans: CDC/504 The CDC/504 Loan Program provides financing for major fixed assets such as equipment or real estate
SBA Disaster Loans SBA provides low-interest disaster loans to homeowners, renters, businesses of all sizes, and most private nonprofit organizations. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets.
Local SBA Certified Microlenders:
Washington Area Community Fund (WACIF)
WACIF is a certified SBA microlender and technical assistance provider for Region III (District of Columbia, Northern Virginia, and Maryland).
To access capital through WACIF, please start by filling out the intake form. WACIF will contact you to determine your current borrowing capacity and the most appropriate source of funds.
LEDC is as a certified Community Development Financial Institution (CDFI). LEDC's Micro-Lending Program provides business loans between $5,000 and $50,000 to qualified start-ups and existing businesses that have difficulty obtaining credit from mainstream financial institutions. These loans have supported a broad range of small business owners, including restaurants and boutique shops to cleaning and catering companies.
To apply for a loan, please fill start by filling out the Application form.