CDFI Loan Eligibilityadmin
Community Development Financial Institution (CDFI) Requirements
Small and midsize businesses meeting the following criteria are encouraged to contact WPFSI to discuss eligibility for CDFI Loans:
WPFSI will loan to single person businesses or larger
We will work with businesses that generate any or no revenue.
We will work with startups.
We lend to businesses within a 35-mile radius of Philadelphia (Trenton-Wilmington).
Priority is given to businesses that are located in a low-to-moderate income census tract or primarily employ low-to-moderate income individuals. (Minority & women-owned businesses)
Available either for new projects or refinancing of existing debt related to:
Working Capital and Equipment Loans are available as a senior or subordinate loan product with the following terms:
|Loan Amount||$1,000 to $100,000|
|Interest Rate||Prime rate plus 300 basis points.|
|Equity Required||Varies based on the use of funds.|
|Underwriting||Combination of credit, cash flow, collateral, financial position, management capacity, and industry risk.|
The applicant submits a completed application to WPFSI for staff review, at which time a thorough credit analysis is performed. For applications that receive a positive credit evaluation, the loan is presented to the WPFSI Loan Committee and the Board of Directors. Following loan approval, WPFSI issues a commitment letter to the applicant. Settlement of the loan may occur once the terms of the commitment letter are satisfied.
Fees will vary with each transaction and generally include:
|Application||$125.00 depending on loan size – nonrefundable fee, payable at time of application submission.|
|Closing||Ranges depending on loan size (does not include third-party costs such as appraisals, construction monitoring, and UCC filings). Fees are subject to change.|
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