USI CDFI Frequently Asked Questions & Preparation Guide - Loan Qualification, Fees, and Document Checklist

Sep 26, 2026

Upload by Riley

USI CDFI’s Frequently Asked Questions & Preparation Guide explains loan eligibility, acceptable business types, and permitted uses of loan proceeds. It states qualification requirements such as being over 18, having an SSN or ITIN, and operating a business located in the U.S. The guide outlines business structures served, industries supported, interest rates up to 8%, fee variability by loan size, maximum loan amounts, and prepayment and credit-score impact. It also provides a detailed document checklist for applicants.

LanguageEnglish

CategoryLetters

FormatPDF

Pages2

Reading Time1 min

AccessFree to download

What are USI CDFI’s requirements to qualify for a loan?

What types of businesses does USI CDFI lend to?

What are acceptable uses of loan proceeds?

Fees, rates, and loan amount limits

Is there a fee to apply?

What are the fees and rates?

What are the minimum and maximum loan amounts?

Prepayment penalties and credit impact

What documents should I have ready to apply?

Personal information

Business borrower information

Project information

[usi-cdfi.org](usi-cdfi.org) Frequently Asked Questions & Preparation Guide WHAT ARE USI CDFI’S REQUIREMENTS TO QUALIFY FOR A LOAN? You must be over the age of 18 You must have a Social Security Number (SSN) OR an Individual Tax Identification Number (ITIN) You want to start or grow a business (We don’t offer personal loans. ) Your business must be located in the U.S. WHAT TYPES OF BUSINESSES DOES USI CDFI LEND TO? We lend to businesses with any legal structure: sole proprietors, limited liability companies, corporations, partnerships, and nonprofits. Loans include food and beverage, transportation, retail, manufacturing, design, software, professional services, construction, landscaping, and other service and product industries. WHAT ARE ACCEPTABLE USES OF LOAN PROCEEDS FROM USI CDFI? Any business-related expense that helps you start or grow a business, including inventory, equipment purchases, vehicle purchases, payroll and material costs, marketing, buying the assets of an existing business, refinancing debt, and hiring expenses. USI CDFI will allow a portion of proceeds to pay past due bills and other debt. IS THERE A FEE TO APPLY? No, there is no fee for applying for a loan with USI CDFI. WHAT ARE THE FEES AND RATES FOR USI CDFI’S LOAN? Interest rates for a USI CDFI loan are up to 8%, and fees vary based on loan size. WHAT ARE THE MINIMUM AND MAXIMUM LOAN AMOUNTS FOR A LOAN? Our maximum loan amount is $250,000 for emerging enterprises. Our maximum loan amount is $500,000 for pre development loans. Transformative projects will be given special consideration. DOES USI CDFI CHARGE A FEE OR PENALTY IF I PAY MY LOAN OFF EARLY? No, we don’t charge prepayment penalties. Your cost for taking out a loan will include the closing fee and interest accrued until the balance is paid in full. Late and collection fees may be charged if you do not pay as agreed. WILL APPLYING FOR A LOAN WITH USI CDFI AFFECT MY PERSONAL CREDIT? No, we can determine how much you qualify for without affecting your credit score. Frequently Asked Questions & Preparation Guide DO YOU LEND TO START-UP BUSINESSES? Yes! We lend to businesses that are up and running and aspiring entrepreneurs starting a business. We also verify if the applicant can manage debt. DO I NEED A SOCIAL SECURITY NUMBER (SSN) TO APPLY? We can consider applications from applicants with a Social Security Number (SSN) or an Individual Tax Identification Number (ITIN) . WHAT DOCUMENTS SHOULD I HAVE READY TO APPLY FOR A LOAN? The documents you should have ready depend on the size of the loan and the use of funds for the loan. Below is a checklist of documents you should be prepared to share during the application process. Please note that the documents you must provide will change based on your application, so check with the team! PERSONAL INFORMATION Government Issued Identification 1-3 months Personal Bank Statement 1-3 years Personal Guarantor Tax Return Personal Financial Statement (template provided) Resume Most Current Year-End W-2 Personal Paystub BUSINESS BORROWER INFORMATION Articles of Incorporation/Organization Bylaws Operating Agreement Business License Resolution to Borrower Rental Agreement (or Letter of Intent) EIN Certificate 1-3 Months Business and Personal Bank Statements 1 to 3 years Business Borrower Tax Return Current Year Business Borrower Interim Balance Sheet Current Year Business Borrower Interim Profit and Loss Current Accounts Receivable Aging Report Current Accounts Payable Aging Report Business Debt Schedule (template provided) Project Budget with sources of funds 12-Month Cash Flow Projections Two-Year Financial Projection Formal or Informal Business Plan Rental Agreement for Lease of property and equipment PROJECT INFORMATION Purchase Order(s) / Estimates Purchase Agreement Asset Purchase Receipts Environmental Report Real Property Renovation Estimate Proof of C

FAQs

What requirements must I meet to qualify for a USI CDFI loan?

You must be over 18, have a Social Security Number (SSN) or an Individual Tax Identification Number (ITIN), and want to start or grow a business. The business must be located in the U.S., and USI CDFI does not offer personal loans.

What kinds of businesses and industries does USI CDFI fund?

USI CDFI lends to businesses with any legal structure, including sole proprietors, LLCs, corporations, partnerships, and nonprofits. Funded examples include food and beverage, transportation, retail, manufacturing, design, software, professional services, construction, landscaping, and other service and product industries.

What fees, interest rates, and loan limits apply?

There is no fee to apply. Interest rates are up to 8%, and fees vary based on loan size. Maximum loan amounts are $250,000 for emerging enterprises and $500,000 for pre-development loans, with transformative projects receiving special consideration.

Which documents should I prepare when applying?

The checklist depends on loan size and fund use, but generally includes government-issued identification, bank statements, tax return or financial statement materials, W-2s, paystubs, and relevant business documents such as incorporation/organization bylaws and operating agreement items. Project information may include purchase orders/estimates, purchase agreements, asset receipts, environmental reports, renovation estimates, and proof of cash equity.

Sep 26, 2026

Upload by Riley