AT LEDC YOU CAN ACCESS A FAIR LOAN, EVEN WITHOUT A SOCIAL SECURITY NUMBER AND EVEN IF YOUR BUSINESS HAS NOT STARTED OPERATIONS.
Start your loan application here
Click on " Start your loan application here " and fill out the form to tell us about your business and financing needs. This step takes 5 minutes and has no cost.
You will receive an email with instructions to provide the required documents and additional information. If you need help or do not receive any email you can contact a [email protected]
Once the review process has been completed and the loan is approved, we will contact you to fill out the closing documents and make the disbursement.
We want your company to continue growing, that's why LEDC provides free business advice and permanent training for its customers.
Start your loan application here
FREQUENTLY ASKED QUESTIONS
You must complete the pre-application with the basic information about your financing needs, and then complete the application attaching documents that allow you to demonstrate the income of the business and / or personal income, a minimum credit score is not required but willingness to pay must be evidenced for most financial obligations.
Depending on the amount requested, the applicant's credit history and the number of years of operation of the business, there may be additional requirements such as presenting a guarantee with a value of at least 25% of the value of the loan. Normally, this is the list of requirements for each type of loan.
Up to $2,500.
- 3 months of bank reports of the business and / or personal
Up to $5,000
- 3 months of bank reports of the business and / or personal. Last year business and/or personal tax return.
- Declaración del último año de impuestos del negocio y/o personales
Up to $10,000
- 6 months of bank reports of the business and / or personal
- Personal Tax Return for the Last Two Years
Up to $250,000
- 6 months of bank reports of the business and / or personal
- Personal Tax Return for the Last Two Years
- Collateral for at least 25% of the loan and/or co-signer
- Financial Statements of the Business and/or Business Plan.
For all applications it is necessary to present an identity document and complete both the pre-application and the final application where all documents are attached.
Yes, it is possible to access credit using your ITIN and an identity document that allows you to verify that your place of residence is MD, VA, DC or Puerto Rico.
Once the application is completed by providing all the documents, the loan will be approved in approximately 2 weeks if the amount is less than $50,000 or up to 4 weeks if it is greater than this amount.
No minimum credit score is required. At LEDC we understand that we all go through situations that can affect our credit score and we are willing to analyze each situation to give people the opportunity to demonstrate their willingness to pay their debt obligations.
For loans over $10,000 it is required to present a guarantee or collateral for an estimated commercial value of at least 25% of the value of the loan. If you do not have collateral, your case can be analyzed and you can provide a co-signer or evaluate if you are eligible for a loan guarantee program that usually has an associated cost.
LEDC is a Community Development Financial Institution or CDFI (Community Development Financial Institution), our goal is to help people and entrepreneurs who for different reasons cannot access traditional financing. Some specific aspects that differentiate us from traditional banking institutions are:
- We provide capital to new businesses
- We do not require a minimum credit score
- We do not require a minimum amount of sales or revenue
- We have loan options that do not require collateral or a co-signer
- Our interest rates are not indexed to Federal Reserve interest rates
- We do not charge penalties for prepayment of loans.
- We focus on serving low- and moderate-income communities, minority communities and have special programs for women businesses.