MONEY

Is a CDFI Right for You?

And are you right for it? Ask yourself these questions to see if you and a CDFI loan are a good fit:
Advertisement
  1. "How much money do I need?"
    Most CDFIs fund businesses that need between $150,000 and $500,000, but some offer microloans of $35,000 or less and a few will lend more than $1 million.

  2. "Is my business in a low-income area?"
    CDFIs usually fund businesses in economically depressed or rural areas where good jobs are scarce.

  3. "Am I ready for hard-core coaching?"
    CDFIs look for managers who are willing to critically evaluate themselves and accept copious amounts of advice.

  4. "Do I meet the requirements?"
    Though most CDFIs loan to borrowers with poor credit, they still require businesses to have accounting systems in place, and may require proof that you serve a social mission as well.

Last updated: Jun 1, 2007




Register on Inc.com today to get full access to:
All articles  |  Magazine archives | Livestream events | Comments
EMAIL
PASSWORD
EMAIL
FIRST NAME
LAST NAME
EMAIL
PASSWORD

Or sign up using: