FAQ’s
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How do I know which loan is right for me?
Based on the size and type of your request, along with other qualification criteria, a VSBDC loan officer will match the right loan program with your needs. As a non-profit lender, our goal is to find the best possible financing package for you. Because of this, your request could be funded through one of our direct loan programs, or by one of our trusted lending partners in conjunction with our California Loan Guarantee Program.
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Can I apply for a grant from your office?
No, we do not offer grants.
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Do I really need to have perfect credit to apply?
No, we do not credit score. We look at your past payment history, if you have any outstanding collections (not including Medical), If you are current on your child support, and make sure you haven’t filed bankruptcy in the last 5 years.
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What is the turn around time from start of the 2 page application to receiving funds?
Generally speaking it all depends on you. How soon you get a COMPLETE package into our office. Some loan programs take longer than others, but a general estimated range of 30 days-90 days.
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Do you let me know how much I can qualify for after you run my credit?
No, you should know your finances and your business well enough to know how much you need and how much you can afford. You need to have an amount requested on the preliminary 2 page application, or we will not proceed.
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Do you have to run a Credit Report on me?
Yes, unless you have a recent one pulled in the last 30 days, we will need to run your credit.
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I didn’t receive a bill for my current loan with VSBDC. How can I request a new one?
You will need to contact our accounting department to verify your mailing address. Please click here to verify your address and send a request for a new bill.
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How does the loan request process work?
The first thing we do after receiving your preliminary 2 page application is run credit on all principles of the business. In the case of a Corporation, you must on 20% or greater. After that a loan officer will review your credit and decide whether or not to proceed. If we decline you from this stage we will send you a decline letter in the mail and by email, if the email address was provided. If we proceed, we will send you a full application package, which we will also send by mail or email if provided. Or you can download it from our website under the loan application page. After a complete package has been submitted a loan officer will review and call with any questions or might even request more documentation. After the loan is underwritten it is reviewed by our CEO and then taken to our Loan Committee. Since we are a non-profit, we answer to our Board of Directors, who delegated their lending authority to our Loan Committee. Our Loan committee is made up of experience individuals who work in finance, at local banks and institutions all over our Valley.
Ultimately it is up to them to decide if your loan request is feasible, collateralized, and you can service the request. If they approve, we will ask for more information, like insurance, Fictitious Business Name Statement, etc. and hand it to our Loan Documentation Department. They will create your loan documents and schedule you to come in and sign. Once all loan documents are signed, notarized, recording, etc.. We will disburse funds, and you can start your business, or expand like you always wanted.