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Washington Area Community Investment Fund, Inc.

Wacif lends to small businesses to foster community wealth building, promote inclusive entrepreneurship, and provide access to capital products and technical assistance services to underserved neighborhoods throughout the Washington, DC area.

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Contact Information
2012 Rhode Island Ave NE, Washington, DC 20018
(202) 529-5505 http://wacif.org
Community development financial institutions (CDFIs) are lenders with a mission to provide fair, responsible financing to underserved communities, including low-income neighborhoods and small businesses, that mainstream finance doesn’t traditionally reach.
Locations Served
Districtwide
Languages
English
Lender Interests
Funding for projects in sectors like green/sustainable industries and childcare businesses
Decision Making Process
Local loan committee
Reasons for reject
Declining revenue and net income, insufficient cash flow or lack of ability to repay proposed debt, lack of collateral
General Information

Lakeedra Cunningham | Loan Administrator | (202) 529-5505 | lcunningham@wacif.org

Advisory Services Offered

Products & Services

Products & Interest Rates

  • Secured term loans: Up to 17%
  • Secured lines of credit: Up to 17%

Loans Offered

  • Small business microloans:
    • $5,001 – $50k
  • Small business loans:
    • $50,001 – $150k
    • $150,001 – $250k

SBA & Other Products

  • 7(a) loans
  • SBA Microloan – Lower rates
Eligibility & Requirements

General Requirements †

  • Personal Credit Score:
    Manually review credit history for applicants under a 560-credit score
  • Business Credit Score:
    N/A
  • Personal Guarantee:
    Yes
  • Collateral:
    All business assets
  • Number of Months Financial Statements:
    0 – 24 months
  • Years in Operation:
    Greater than 1 year
  • Annual Revenue:
    Greater than $50k
  • Other:
    Bank Statements: 12 – 24 months; 1 – 2 years of federal tax returns (or proof of extension if applicable), business bank account.

Ineligible Loan Uses ‡

  • Declining revenue and net income, insufficient cashflow or lack of ability to repay proposed debt, lack of collateral. 
  • Ineligible loan purposes as defined by the US Small Business Administration
  • SBA Microloans cannot be used to pay existing debts or to purchase real estate

† Note: These are generally required
‡ Items, industries, and/or purposes that are not eligible for financing