Fondo Adelante’s microlending program is offering loans of up to $100,000 to San Francisco small-business owners. All loan recipients will receive pre- and post-loan closing technical assistance from MEDA’s Business Development Program, offered in English and Spanish. By supporting our borrowers with business coaching, our loan fund will be able to consider small-business owners who are often deemed high risk by other microlenders. Ultimately, these small-business owners will create jobs within San Francisco’s lower-income communities.
Our loans can be used for any legitimate business purpose: startups, supplies and inventory, equipment, lease improvements, vehicles, purchasing a business, business debt consolidation and working capital.
Eligibility
We offer fixed-rate term loans that range from $5,000 to $100,000. Our loan products are offered in combination with our business coaching. It is one combined product. We offer our coaching and the loans in English and Spanish. We charge 7–9 percent interest, which is far lower than credit card rates or other non-bank lenders, and is also competitive with many banks. We offer 3-year and 5-year terms, and there is no prepayment penalty. All loans are reported to the credit bureaus. So, you will be able to build credit with our loans. There is no cost to apply. ITIN holders are encouraged to apply. Our most important approval criterion is establishing that you have the capacity to repay the loan.
We do not have a minimum credit score, although your credit history will be considered.
