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It’s easy to determine if you’re eligible. You can expect a quick turnaround once the application is completed and all required documents are in hand. Check out your eligibility and how to apply for a loan. We’ll help you every step of the way – even with putting your business plan together.
Eligibility to Apply:
· Minimum 21 years old
· Individual Applicants must live in ACCION Texas Service Area*
· Business must be physically located in ACCION Texas Service Area*
· Business cannot be involved in the adult entertainment Industry
· No Active Bankruptcy.
· Meet minimum credit requirements (described below)**
Loan Approval Qualifying Factors include:
· Financial ability to repay the loan
· Good payment history with creditors, landlords, and suppliers.
· Value and Strength of available assets to secure the loan (collateral)
· Credit History- ACCION Texas does not have a minimum FICO score requirement however we do require that applicants meet minimum credit standards, which include:
o No Bankruptcy chapter 7 in the last year
o No Bankruptcy Chapter 13 dismissed in the last 6 months*
o No Foreclosure or repossessions in the last 12 months
o No slow pay in mortgage account or Child Support Accounts.
o No Collections or Write offs within last 6 months
o No active Federal Tax Liens, State Tax Liens, or civil judgments.
* ACCION Texas Service Area includes Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Missouri, Tennessee and Texas.
Steps to obtain a loan from ACCION Texas:
Step 1: Read our Borrower Expectations- Click Here Español
Step 2: Submit your Loan Application
· Application can be submitted online . Click Here
· Obtain a copy of the paper application by calling customer service line (888-215-2373)
To provide a fast response please ensure you answer all the questions in the application. Do not leave fields blank because this may delay the process.
Step 3: Provide Supporting documents & Collateral Inspection
If the loan application is approved to move to the following phase, applicants need to provide information that would allow ATI to verify: Identity of applicants, location, Business ownership, personal and business cash flow, collateral ownership and value.
The list of documents varies by loan size.
The Required Document List (RDL) includes: copy of IDs, Utility Bills, Bank Statements, Tax Returns, and Financial Statements.
ACCION Texas lending staff must inspect the assets provided as collateral and verify ownership and values.
Step 4: Review and Approval
Once all the documents requested in the RDL is collected and the collateral inspection has been completed; the application and supporting documents are submitted to Underwriting Department for review and approval of the loan application. Approvals will disclose the conditions and requirements to proceed to closing. The conditions vary by loan size and type of collateral securing the loan, which include: Property Insurance, Vehicle Insurance, Contents Insurance, Titles showing ACCION Texas as lien holder, Real Estate title policy, Real estate title search, socio economic information form, etc.
**applications are not reviewed and revaluated by Underwriting Department until all supporting documents and information has been provided, to expedite the decision on your loan application, please provide a complete package to your loan officer.
Step 5: Executing Closing Documents & funding
Schedule and execute Closing documents once applicant has provided and meet all the conditions and requirements explained in the approval. The closing can be scheduled as soon as 2 days after the documents have been received.
After Closing Department reviews the executed closing documents and there are no errors, ACCION Texas will release the loan proceeds to borrower or third parties, if required.
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Español
It’s easy to determine
if you’re eligible and it
usually takes about 15
days to get your loan.
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