What are the fees and interest rates for BCNA's microloans and small business loans?

See details here.

What types of business do you lend to?

Retail, light manufacturing, restaurants, and service businesses that have credit needs up to $50,000

Is there a minimum credit score required to qualify?

No. In fact, BCNA has approved small business loans to borrowers who have previously filed for bankruptcy or have delinquent accounts when they were able to provide a convincing explanation that circumstances leading to the debt was beyond their control and to provide a strong Guarantor (co-signer). However, while the program does not expect a perfect credit score or have a minimum FICO score requirement, if there is a pattern of non-repayment, the staff person will recommend that the application be denied.

Is there a type of business that BCNA will not fund?

  • Businesses that are involved with illegal products like knock-offs of designer items, pornography, or businesses that do not contribute to community development.

  • If the Loan Fund has made too many loans in a particular business sector, the Loan Committee may suggest that loan requests from that sector come under greater scrutiny.

 How does the program work?

  • A member of our staff helps the applicant decide if the program is right  for them.  

  • That staff member then checks the applicant's credit history. Based on the results of the credit report, the staff member will initiate the loan application process, or explain to the applicant what changes they will have to make to their application in order to proceed.

  • Our staff works with the applicant to create the business plan and cash flow statement the loan package requires. Our staff also guides the applicant through the process of collecting other documents that may be required, such as a lease, licenses, business registration, copies of all contracts for the business, personal and business income tax returns, and personal and business bank statements for 3 months.

  • Once the complete loan package is ready, it is submitted to the Loan Committee, which typically makes a decision within three working days of receiving the completed package.

  • If the applicant is eligible, a Loan Officer will then help the applicant complete and submit a loan application, with the application fee of $25.

What other business services does BCNA provide?

BCNA offers a variety of services to our clients to help ensure their success, including:

  • One-on-one consultations, targeted to the specific needs and challenges of the business owner, about pricing, marketing, technology, cash flow analysis, etc.

  • A technology lab (computer room) for technology training, made possible by a generous grant from the Hewlett Packard Company.

  • The services of outside attorneys who work with our staff to review or help draft legal documents such as leases and contracts.

  • Workshops (which are open to anyone) on a range of business and marketing topics.