Apply for a Loan with Confidence
From eligibility to closing, we’ll guide you through every step of the loan process—so you can focus on growing your business.
Frequently
Asked Questions
Have questions about eligibility, the loan process, or required documents? We’ve got answers to help you move forward with clarity and confidence.
What is a CDFI and how is it different from a traditional bank?
A CDFI is a mission-driven financial institution dedicated to providing fair, responsible financing to underinvested communities. Unlike traditional banks, CDFIs focus on community development and often work with borrowers who may not qualify for conventional loans.
Who is eligible to apply for a business loan with WACIF?
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
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
How do I apply for a loan?
You can begin the process by completing our online loan inquiry form or contacting our lending team. We’ll guide you through a pre-screening, document submission, underwriting, and closing processes.
What documents are required to apply?
Required documents typically include:
- Personal and business tax returns (past 2 years)
- Personal financial statement
- Interim Profit & Loss Statement and Balance Sheet
- Business bank statements
- Articles of incorporation and licenses
Additional documentation may be requested during underwriting. Submission of all requested documents does not guarantee the approval of your loan request.
How long does the loan process take?
The process typically takes 3 to 6 weeks, depending on the complexity of the application and the borrower’s readiness with required documents.
What are your typical interest rates and loan terms?
Rates and terms vary based on the loan program, risk assessment, and borrower profile. Generally:
- Loan amounts: $10,000 – $250,000
- Terms: 3 – 6 years
- Interest rates: Competitive and fixed
Do you require collateral?
We evaluate collateral on a case-by-case basis, depending on the loan size. While we strive to make loans accessible, we do require business assets and a personal guarantee.
Are there fees associated with the loan?
Yes. Loan fees may include:
- Origination fee (up to 3%)
- $50 Application fee
- Late payment fees
- All fees are disclosed before closing.
What if I have poor or limited credit?
We take a flexible, character-based approach to lending. We consider the full picture—business potential, community impact, and your plan to repay. If you’re not ready now, we can connect you with business coaching services to assist.
What happens if I’m not approved?
If your application is denied, we’ll explain the reasons and work with you to improve your loan readiness. Many clients return and are approved after receiving technical support.
Can I pay off my loan early?
Yes. There are no prepayment penalties for our loan products.
Do you offer ongoing support after I receive a loan?
Yes. We provide post-loan technical assistance, annual check-ins, and referrals to trusted advisors to help your business grow sustainably.
Loan Application & Underwriting Process
Have questions about eligibility, the loan process, or required documents? We’ve got answers to help you move forward with clarity and confidence.
Step 1: Pre-Screening
- Loan inquiry review for basic eligibility
- If eligible, the application link is provided to be completed and submitted
- Initial credit check (soft pull)
Step 2: Document Collection
- Business financial statements
- Most recent tax returns
- Personal financial statement
- Business Bank Statements
- Quotes or invoices for project costs (if available)
Step 3: Data Verification/Underwriting & Risk Assessment
- Documents submitted are reviewed for completeness and accuracy
- Financial analysis (cash flow, debt capacity)
- Collateral review/evaluation
- Guarantor review/evaluation
- Debt Service Coverage review/analysis
Step 4: Loan Review
- Loan manager presents applicant with risk/impact summary for additional insight and updates
- Once loan manager recommends approval, review/approval process begins
- Credit Committee evaluates applicants based on financial capacity and loan manager recommendation
- If needed, Loan & Asset Committee review for final approval (loan requests greater than $100,000)
Step 5: Approval & Closing
If approved, the closing process begins