What is True Access Capital?
True Access Capital is a not-for-profit, federally certified Community Development Financial Institution (CDFI) that supports small businesses and community development projects. As a CDFI, True Access Capital provides at least 60% of its lending and technical assistance activity to underserved populations, including women and minority-led companies; low-income borrowers; businesses and other organizations that serve low-income populations, or businesses or organizations located in low-income communities. Founded in 1992, True Access Capital specializes in providing loan capital and technical assistance to small businesses and community organizations throughout Delaware and southeastern Pennsylvania.
What is a Community Development Financial Institution?
Community Development Financial Institutions (CDFI) are mission-driven financial institutions certified by the United States Treasury Department to provide financial products and services to people and communities underserved by traditional financial institutions. CDFIs create jobs, provide affordable housing and help build generational wealth for disadvantaged communities and persons throughout the country.
What types of programs and services does True Access Capital offer?
True Access Capital offers Lending programs and the Women’s Business Center
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What is the difference between True Access Capital and a bank?
The primary difference is that True Access Capital specializes in working with people or organizations that typically cannot obtain financing through conventional sources, such as banks and other lending institutions. True Access Capital also provides technical assistance services to its clients.
What types of loans do you provide?
True Access Capital provides small business and community development loans. We do not provide personal loans or mortgage loans for individuals.
Does True Access Capital provide grants?
No, we do not provide grants of any kind. True Access Capital is a lender. We receive grants from various sources, which enable us to offer the services we provide.
I want to start a business or get a business loan; where do I start?
What is your interest rate?
Interest rates vary by product and market conditions. Because we provide services that most banks do not (technical and business advice), our rates tend to be slightly higher than those offered by banks. Your True Access Capital Community Lending Officer will explain interest rates and loan terms with you in detail.
Is my credit history important?
Yes, your credit history is an important consideration. Credit history is the clearest indication of your willingness and ability to repay a loan. But credit history is only one factor we consider. We are willing to take into consideration extraordinary circumstances that may have damaged a previously good credit history.
Do I need collateral?
Yes, we will ask you to pledge your business and personal assets to secure a loan. Offering assets such as your automobile, home, or other real estate makes us feel that you are as confident in your business as you would like us to be.
Do I need a business plan?
A business plan is necessary for start-ups and can be very useful for existing businesses, especially when major changes are planned. A business plan does not have to be lengthy, but should outline your goals and business direction. If you need assistance with your business plan, contact the Women’s Business Center, at 302-652-6774
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How long does the approval process take?
This varies depending on the size of the loan. Larger loans (over $50,000) must be approved by a loan committee, which meets twice monthly. Remember, it is not possible for us to take the request to the loan committee, or make a determination until we receive all the information required in the application. The turnaround time depends on your ability to provide the necessary information in a timely fashion. Typically, a loan decision is made within 30-60 days of a completed application.
If my loan request is approved, when can I expect to receive funding?
True Access Capital typically makes loan funds available within two weeks of application approval.