Business can be either a new or existing business.
Income eligible low-to-moderate individuals (determined by Federal Housing and Urban Development Guidelines). High income individuals can apply if their business currently or will provide employment for low-to-moderate income individuals.
Must be a legal resident (that includes, refugees/asylees, permanent residents and U.S. Citizens). Verification is required.
Business must be located in the D.C. metro area:
District of Columbia
Virginia: Arlington, Fairfax and Prince William Counties, Cities of Alexandria, Falls Church and Fairfax.
Maryland: Montgomery and Prince George’s Counties.
Loan amount requests should be between $500 to $35,000.
Repayment term can be for up to 5 years. The actual term will be dependent on the cash flow and loan amount of the respective business.
Interest rate is determined by prime plus small margin depending on applicant's credit history and loan term. Please call for current rates.
Loan funds cannot be used for refinancing debt, purchase real estate, speculative activities, investment and illegal activity.
