Small Business Loans: Eligibility Guidelines
Make sure Opportunity Fund is the right partner for your business and personal financial needs. If you do not meet our eligibility guidelines, please click here to be referred to one of our partners.
Do I Qualify?
Applicants must meet the following criteria to be eligible for a loan:
* Existing Business – You must have 1+ year in business
* Intended Loan Use – Our loans can be used for one of the following:
o Equipment & machinery
o Commercial business vehicles
o Inventory or permanent working capital
o Tenant improvements – remodeling, painting, signage, etc.
o Business acquisition
* Financially Stable
o Enough income to cover all business and personal expenses, and afford monthly loan payment
o Current on all bills and no late payments in last 12 months
o No excessive credit card debt
* Good Repayment History
o Credit history: good, limited or none
o No open/unpaid collections
o No bankruptcy in the last 2 years
o No open unpaid tax liens, judgments, child support
* Located in the SF Bay Area – Our main focus is in the following counties:
o San Francisco
o Alameda County
o Santa Clara County
o San Mateo County
The following business types are ineligible for Opportunity Fund loans: Gas stations, Bars / Clubs, Liquor stores, Entertainment, Real estate investment, and Export businesses.
In addition, Opportunity Fund does not provide loans for: business operating expenses (i.e. rent), new product development, personal expenses, or refinancing existing debt or back taxes.
How do I Prepare for a Loan?
Know your business: Be able to talk about your products and services, sales and marketing, and financial expectations. Click here to check out some of the questions you should be able to answer before applying for a loan.
Know why you need a loan: Make an itemized list of loan uses, and describe how this will help you grow your business.
Know your personal financial health: Track your income and expenses.
Know your personal credit: Be honest about your payment history, and make an effort to pay back old debt. We lend to individuals with poor or no credit, but not to individuals with bankruptcies within the last year, open tax liens, or outstanding judgments.
Business and Personal Documents:
The documents we need will be determined during the consultation with your loan officer. These may include: last available year’s personal tax returns, business financial statements, bank statements, and other documents.
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