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$100,000
Min. Amount
$2,000,000
Max. Amount
Product Name | NDC Grow America Fund business loans |
---|---|
Min. Amount | $100,000 |
Max. Amount | $2,000,000 |
Loan Term | Up to 300 months |
APR | Varies |
Requirements | 3+ years in business, $100,000+ revenue, 4+ employees, no real estate investment or development projects, for-profit business that's not a financing provider |
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
National Development Council (NDC) Grow America Fund could be a good option if you’re looking for an SBA lender that supports community-based lending.
It’s a certified community development financial institution (CDFI) and an SBA Preferred Lender. This means it’s a nonprofit lender that’s focused on community growth and has the authority to underwrite SBA loans itself, streamlining the application process.
Its focus is on serving businesses that will promote local job growth, especially for women- and minority-owned businesses. It also offers other products such as training courses in financial and professional development and technical assistance.
But you’ll need to have at least four employees working for you and be able to make a down payment to qualify. And you’ll need to look elsewhere if you’re interested in taking out a small-dollar loan with a fast turnaround.
Not sold on NDC? Compare your other business loan options below.
You must meet the following requirements at a minimum to qualify for an NDC Grow America Fund loan:
You’ll also have to meet additional requirements for SBA loans.
NDC is both a CDFI and SBA Preferred Lender that offers a wide range of services beyond just funding. It offers a hands-on approach to ensure your business gets the right type of financing to maximize your positive impact on the local community. It also might be able to get you your loan faster than other SBA lenders, thanks to its Preferred Lender status.
You can get started on your application over the phone by calling 212-682-1106 or filling out a quick online form.
Follow these steps to begin your application online:
Wait for a representative from NDC to reach out and discuss your options. If you decide to follow through with the application, follow their directions to complete the SBA forms and submit required documents.
NDC doesn’t give an estimate of its turnaround times. But SBA loans can take at least a few weeks to process, even with a Preferred Lender.
NDC doesn’t list required documents for its Grow America Fund loans. But SBA loans typically come with a long list of documents and forms. You can learn what to expect by reading our guide to SBA loan applications.
SBA loans typically come with monthly repayments, which can stretch up to 25 years, depending on your loan amount. Look to your loan documents to get the specifics of how much you owe and when your loan is due. Reach out to NDC as soon as possible if you have any questions or concerns.
Learn how NDC compares to other lenders by checking out our guide to business loans.