Business Financing

Photograph of woman of color entrepreneur holding a check from Wacif for $5,000

Access to capital is one of the primary inequities faced by enterprising women of color. Lack of long-term financing can affect a host of issues that slow business growth and threaten business survival.

Please complete the form to find out if you qualify to apply for a loan.

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$10,000 – $250,000

Term Loan

Terms:

Loan terms up to 72 months
Interest rates starting at 7.75%
$150 non-refundable application fee
3% Commitment and Servicing fee due at closing
No Pre-payment penalty
No minimum Credit Score
Collateral Requirements: Security interest in all business assets, Personal Guarantee of key owners

Eligible Loan Purposes:

Equipment Financing
Inventory
Working Capital

Line of Credit

Terms:

Loan terms up to 12 months
Interest rates starting at 11.12%
$150 non-refundable application fee
3% Commitment and Servicing fee due at closing
No Pre-payment penalty
No minimum Credit Score
Collateral Requirements: Security interest in all business assets, Personal Guarantee of key owners

Eligible Loan Purposes:

Financing Accounts Receivable (A/R) for contracts and other working capital needs

Are you eligible for a small business loan with Wacif?

Wacif requires the following minimum eligibility criteria to be met for all potential borrowers:

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
Business owner must be a U.S. citizen, legal permanent resident, or have a valid work visa
Must have filed federal income taxes with the IRS (business and/or personal) or have filed an extension
Business must have a business bank account
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
Cannot be a non-profit (with the exception of child care centers), an unregistered business, or a Limited Cooperative Association
Cannot be a business within the following
Wacif cannot lend to businesses in the following industries:

Lobbying or politically-focused businesses;

Any speculative business (such as oil wildcatting);

Any business that presents live performances of a prurient sexual nature; or derives directly or indirectly more than 5 percent of gross revenue through the sale of products or services, or the presentation of any depictions or displays, of a prurient sexual nature;

Any businesses teaching, counseling or indoctrinating religion or religious beliefs;

Any pyramid sale distribution plan;

Gambling (including legal);

Any financial business primarily engaged in lending, or loan packagers earning more than one third of their gross annual revenues from packaging SBA loans;

Life Insurance companies;

Any business engaged in illegal activity;

Wacif additionally prohibits borrowers from the following industries:

Tanning salons

Cannabis businesses

Pawn shops

Astrology, palm reading

list of restricted industries

Business Financing

$10,000 – $250,000

Are you eligible for a small business loan with Wacif?

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Enterprising Women of Color DMV Business Center