Business Loans

Our website is currently being updated to reflect additional lender information. Please contact us at 757-714-7709 or email us at informationdesk@icfainc.org for more information. We apologize for any inconvenience!

Please note that effective 10/1/08 Patriot Express Packaging Fees for this lender will be no longer be $250. The Patriot Express Packaging Fee will be the same as the other SOHO Loans of $575.

How Do I Apply for a SOHO Loan?

What Should I Bring to the Loan Training Session

(Please keep a copy of the documents submitted. We will NOT be able to make copies for you)

Done

STEPS TO APPLY FOR A SOHO LOAN..

All Principles owning 20% or more of the business must submit a copy of:

their EXPERIAN credit report with FICO SCORE. To obtain a FREE copy of this credit report, go to either: www.experian.com or www.annualcreditreport.com OR call 1-888-397-3742. You may also obtain a copy of your FICO SCORE at these websites. THERE WILL BE A COST FOR THE FICO SCORE.

PLEASE NOTE: "SOFT PULLS" WILL NOT LOWER YOUR SCORE.



FAX A COPY OF:

1. THE CREDIT REPORT(S)

2. THE FICO SCORE

3. A COPY OF EACH PRINCIPLE'S DRIVER'S LICENSE

4. THE DEBIT/CREDIT AUTHORIZATION FORM FOR $45 FOR CREDIT REVIEW TO: 757-498-1876 OR EMAIL THE INFORMATION TO dcsalcedo@icfainc.org

If you DO NOT already have a business checking account:

1. Open a business checking account with a local bank

2. Get a letter from my bank (on their letterhead) that includes the following information:

    a. The business name

    b. The names of the business owners

    c. The account number

    d. The routing number FOR WIRE TRANSFERS

ICFA will contact you to assist you with registration for a LOAN Workshop/WEBINAR

1-877-543-5748 or Register On Line: www.icfainc.org

ITEMS TO BRING TO THE LOAN TRAINING SESSION: (YOU MAY PRINT THE CHECKOFF LIST BELOW)

1.  Your EXPERIAN credit report

2. A copy of your driver’s license or state

     I.D.

3.  Your business check book (starter checks are okay with

     the letter from your bank.

4.  Your Federal Tax Number (You may use your socia

l   security number if you are a sole-proprietor with no

    employees).

5. A copy of your business license

6.  If you are a SOLE PROPRIETOR, a copy

     of th FICTITIOUS NAME STATEMENT.

7. If the company is an LLC or a

    CORPORATION, 2 copies of the Articles of

Organization (LLC) or Articles of

    Incorporation (Corporation)

PLEASE NOTE: All owners with a 20% or more interest in the business must sign all loan forms and be present at the loan workshops/webinars.

PLEASE BE ON TIME TO THE MEETING/WEBINAR

Printable Check-Off List of "Items to Bring to the Loan Workshop"

1. A copy of valid Drivers License for each principal of the business

1.a. Secondary source of personal I.D. showing current home address- i.e. a copy of a personal bank statement, credit card statement, utility bill, cell phone bill, etc.

2. A copy of Certified Articles of Incorporation if a corporation, Articles of Organization if a LLC, or Partnership Agreement if a Partnership

3. A copy of the current year Business License

4. A copy of the Certificate of Good Standing from the State for a corporation or LLC that has been in existence for more than a year

5. A copy of the Closing Statement or bill of Sale if a business was acquired within the last twenty-four (24) months.

6. A copy of the Cancelled Checks or Bank Statement to document borrower equity requirement if Business has less than twenty-four (24) months of operations

7. A copy of the DD-214 if qualifying as a veteran or dependent of a veteran

8. A clear and legible copy of the Alien Registration Document, if applicable. (Front and Back) PLEASE ENLARGE TO 125%

9. A copy of the Executed Franchise Agreement if a Franchise. (Franchise must be on SBA approved Franchise Registry, www.franchiseregistry.com/Registry)

A copy of the "Certification of No Change" from the Franchisor. (Form stating there is no deviation from the Franchise Agreement approved by SBA)

10. Business Check Book

11. A copy of your Business Plan

12. Federal I.D. number (if a sole proprietor with no employees, your social security number will be used for your Federal I.D. number

13. A Current Copy of Each Principle's EXPERIAN Credit Report (can not be over 30 days). You can contact EXPERIAN at www.experian.com or contact them at 1-888-397-3742.

What if I need more than $50K?

Please be advised that you may need to provide additional information in addition to those items listed on this website. The reason for this is that SBA requires that collateral be taken on most loans. You will need copies of business and personal tax returns along with a list of collateral available to lender as security for a loan.

What Other SBA Loans are Available?

How do I Know What Loan is Right for My Business?

The U.S. Small Business Administration (SBA) provides a guaranty to lenders to as an incentive for the lender to make loans that they would:

1. Typically not make (such as to start-up businesses) and/or

2. As an incentative to make a larger loan than the lender typically would make. It does not benefit the borrower directly. The SBA does not lend money directly to businesses, other than in disaster relief situations.

The SBA offers several loan programs for entrepreneurs. Please visit the SBA website at www.sba.gov/financing for a complete list of loan programs.

For information concerning this site Email us at mailto:info@icfainc.org