If you’re interested in applying for a loan, please read below. It may help you determine if our loan programs are a good fit for you.
Basic Loan Requirements
To qualify for a loan, you’ll need to:
- Be no more than 30 days late on any bills, loans, credit cards, or any other payment. If you are late, the total late balance must be under $3,000 (and it’s preferable that any debt you do have is attributed to emergency circumstances such as layoff or illness).
- Not have any mortgage-rate adjustments due during the term of the loan.
- Not have declared bankruptcy in the past 12 months.
- Not have had any late rent or mortgage payments in the past 12 months.
- Not have gone through foreclosure in the past 24 months.
If your business has less than six months of sales, here are a few additional requirements:
- Your business must be located at home or in an incubator.
- You must have less than $500 in past-due debt.
- You must present your two most recent paystubs.
Questions? Call 213-353-9400 or click HERE to have a counselor contact you!