CDFI Prescreen - Alternafi.com

60-second online prescreen. Average funding time 7 business days on approval.

Community Term Loan

5 years at 14.5%. Monthly payments.

CDFI loans are community loans with government backing that offer attractive rates and terms compared to other available products in the market.

This program uses your bank statements to determine your ability to pay, with a credit score as low as 500.

Minimum FICO 500+
Ability to repay the loan based on your bank statements and income
Available in 39 states. Some restricted industries. Negative bank balance limits.
Use of Funds: Working capital, pay off existing debt

Does your business qualify?

Complete this quick prescreen below to see if you may qualify for this program. Questions? Email funding@alternafi.com or text 949-214-4897

Answer the Prescreening Questions Below

Answer each question to see if you are prequalified.

Select your FICO score(Required)

If more than one owner, use the average FICO of all owners.

Estimated Loan Amount and Payment*

Complete the answers below.

A FICO score under 500 can qualify for $5,000, but may require additional bank statements. Please contact funding@alternafi.com with questions.

Active Credit Issues(Required)

Please select any of the following credit issues as it pertains to the primary owners personal credit profile, or the business credit profile.

The active credit issues listed above generally result in an auto-decline and the application would likely not be approved. Please contact funding@alternafi.com with questions.

Affordability

Over the last 3 months according to your bank statements, does your business have and ending bank balance of $1500 month or more that can be verified on your business bank statements? This will be later verified by your actual bank statements.NOTE: You can include any business debt payments that would refinanced as well as payments/payroll to yourself in this calculation. So if you pay yourself $2500/month and refinance $2500/month in existing debt, that would be $5k/month and qualify.

Bank Statement Monthly Cashflow(Required)

Yes. I have $1500/month in available cash flow.

Unsure

Your bank statements need to show an average of $1500/month in average cash flow. If you are unsure or want to be reviewed, select "Unsure" to continue. Please contact funding@alternafi.com with questions.

If you pass the other requirements, your bank statements can be reviewed to confirm. Please contact funding@alternafi.com with questions.

Program Requirements

This program has specific time in business, industry, and state requirements. Please answer below.

Have you been in business for at least 1 year?(Required)

Yes

Business Start Date(Required)

You must be in business for at least 1 year. Please contact funding@alternafi.com with questions.

Business State

Confirm your business is not in a restricted state. Currently available in 45 states. (Not available in California, Illinois, Maine, Maryland and Nebraska)

Your business cannot be in a restricted state for this program. Please contact funding@alternafi.com with questions.

Are you in one of the these restricted industries?

Non-Profits
Adult Entertainment
Gambling
Lending Businesses
Passive Income Business
Cannabis or related industry
Any business that restricts participation based on a protected class. (social clubs, etc.)
MLM (multi level marketing)
Agriculture
Content creators or social media promoters
Unlicensed Professional or Technical Services Providers
Real Estate Management or leasing agencies such as Airbnb
Holding Companies
Religious Organizations

It looks like you are in a restricted industry where this program is not available. Please review this list again or contact funding@alternafi.com with questions.

You can still continue with the questions and we can review your industry to confirm. Email funding@alternafi.com with questions.

Trucking/Transportation Industry(Required)

If you are in the trucking/transportation industry the vehicles (a) must be in your company name/use (b) be free and clear of loans/liens and/or (c) use the proceeds of the loan to pay existing loans.

Total Business Vehicle Values(Required)

Estimate of the total values of all vehicles in your company.

Current Vehicle Loans/Liens(Required)

The total you currently owe on all business vehicles.

Please enter a number greater than or equal to 0.

You can still continue with the questions and we can review your industry to confirm. Email funding@alternafi.com with questions.

Construction Industry

General contractors, home builders, and any business involved in construction or home building/repair now require collateral for this loan program.

Home Building/Construction Industry(Required)

Collateral Description(Required)

Briefly describe the type of collateral and value available for this loan.

Business Bank Statements

This program is based on your bank statements to see if the business has the ability to pay back the loan.

How many NSFs have you had over the last 3 months?(Required)

An NSF happens when your bank account goes negative.

This program requires transportation/trucking to use their vehicles as collateral up to the loan amount. If you are unsure, feel free to contact us at funding@alternafi.com with questions.

Do you currently have debt in your business?(Required)

This would include MCAs, term loans, credit cards or any other debt that is shown to be paid from your business bank statements.

Yes

Current Debt Balance(Required)

What is the estimated current outstanding debt balance for your business that you have active payments on?

Current Monthly Debt Payments(Required)

How much do you currently pay monthly to your current business debt that is shown on your bank statement? If you have an MCA where you have to make daily or weekly payments, calculate the total amount paid per month.

Debt Schedule

List the current business debts that you have monthly payments for that show up on the bank statements.

Lender

Date Opened

Starting Balance

Current Balance

Monthly Payment

Type (CC, MCA, etc)

Do you pay yourself?(Required)

If you pay yourself from your business either via direct transfers or payroll, this can be used to help qualify!

Yes

How much do you pay yourself each month?(Required)

On average, over the last 3 months, how much do you pay yourself each month? These should be payroll or transfers to your personal account as shown on your business bank statements. This can be used as part of the qualification process and will be verified later.

Owner Credit and Debt-to-Income

The main owner(s) of the business 20% have the following credit and affordability requirements.

Owner Personal Income(Required)

Using either your last filed personal income tax return, what was the total annual income reported? If you are a W2 employee and have recent paystubs, you can use that number for your annual income as well.

Owner Monthly Payments on Credit Report(Required)

What are the total monthly payments on the owner's personal credit report? This would include things like loan payments, student loans, credit cards and/or mortgage. If you have student loans that are deferred and starting again, include those as well.

Personal Tax Return Status(Required)

Status of last filed tax year for your personal tax returns

You will need to provide a copy of the filed extension for tax year 2024 before funding. Email funding@alternafi.com with questions.

Next Steps

Based on the prescreen, you may be a great candidate for this program. Complete the information below to send next steps for underwriting.

Legal Business Name(Required)

Name(Required)

First Last

Email(Required)

*This is a prescreen only and final bank statements will need to reviewed by an underwriter. Alternafi is a consultant and is providing prescreen and referral services to the CDFI. Alternafi is not a lender or broker and services are provided for prescreening and does not promise a funding offer.