Borrowers can be from any industry and at any stage of their business’s life cycle—from start-up to mature. As a Community Development Financial Institution (CDFI), AltCap focuses its capital deployment to entrepreneurs who have been overlooked by mainstream financial institutions. An AltCap Business Development Officer can help you decide if a loan is right for your business.

To apply for a small business loan, you will be asked to provide the following documents:

Personal Documentation

• Two forms of ID (each signer) – One with a picture other with a name only

Business Documentation

• Business Plan (if the business is under one year in operation)

• EIN (Tax ID) Form

• Articles of Organization / Incorporation

• Certificate of Good Standing

• Operating Agreement (for LLC) or By-Laws (for Corporations)

• Business Insurance/Liability Insurance

Financial Documentation

• Two years of personal tax returns including all schedules and 1099s

• Income Statement, Balance Sheet, and Cash Flow Statement (projections)

• Business Debt Schedule

• Last three months of personal and business bank statements. Startups should provide a business plan and financial projections in lieu of historical financial statements.

- Origination fee of 5% depending on your loan amount.

- Monthly $15 servicing fee on all loans to cover administrative costs.

- Other fees may include UCC filings, vehicle lien filings, or title recording fees.

• Ensure your financial statements are up to date, accurate, and clearly reflect an understanding of your business operations.

• Craft a detailed and well-supported plan for how you will use the funds. This should include the projected return on investment, whether through potential revenue growth or operational efficiencies.

• Prioritize building relationships with your lenders by maintaining open communication and demonstrating a track record of reliability — this can significantly enhance your chances of loan approval.

• Explore all your options, whether they involve traditional bank loans, SBA loans, or specialized industry-specific funding programs.

• Maintain liquidity and reduce existing liabilities whenever possible to improve the overall financial health of your business and make it more attractive to lenders.

As a non-profit CDFI, AltCap strives to provide competitive rates for all our loans. Click here to see how our rates compare to banks, credit cards, and payday lenders.

Our interest rates are based on the prime rate, plus 4% - 6%. The prime rate is the interest rate commercial banks charge their most creditworthy customers. The Federal Reserve sets the federal funds rate which serves as the basis for the prime rate, which is the starting point for other interest rates.

Although the Federal Reserve has no direct role in setting the prime rate, many banks choose to set their prime rates based partly on the target level of the federal funds rate, which is the rate that banks charge each other for short-term loans.

Si necesita un préstamo para pequeñas empresas y necesita ayuda en español, comuníquese con Karina Lopez al (833) 549-2890 o karina@altcap.org.

If you have an existing AltCap loan and have questions about your loan terms or if you need to update your information, please contact Viva Young at 816-269-7809 or viva@altcap.org.

If you need to make a payment on your existing AltCap loan, please contact Viva Young at 816-269-7809 or viva@altcap.org.

If you are ready to begin the process, click the Start Application button below and follow the directions to submit an Intake Form.