Small Business Loans

BORROWER REQUIREMENTS

• You must meet DHFLA’s general requirements (see below).
• You must be 21 years-old or older.
• Borrower can be an individual, partnership or corporation.
• Individual borrowers must be Jewish; the majority of partners, c-suite executives or board members of a partnership or corporation must be Jewish .
• You must submit a completed loan application, ACH form and a copy of a valid government-issued photo ID.
• All guarantors must submit a completed guaranty agreement, information release form and a copy of a valid government-issued photo ID.
• You cannot be in or considering bankruptcy.
• You cannot be a borrower or guarantor on another outstanding DHFLA loan. 

ADDITIONAL REQUIREMENTS

• Submit a business plan using DHFLA’s Business Plan Template (see above). 
• Provide a copy of applicable business licenses or permits. 
• Submit previous three years business tax returns (existing businesses) or personal tax returns (startup and new businesses).
• Obtain two qualified guarantors, one of which lives in DHFLA’s lending area.
• Guarantors cannot live at the same address. Spouses and partners are considered co-applicants, not guarantors. 
• Local clergy cannot serve as guarantors. 
• Guarantors cannot have an outstanding DHFLA loan. 

FOR EXISTING BUSINESSES

• Previous three years business balance sheets and income statements.
• Current budget with expenses and revenues.

FOR STARTUPS AND NEW BUSINESSES

• Minimum 12-month pro-forma income statement (projected profit and loss)—a 24-month pro-forma is preferred.
• Projected startup costs.

If you are concerned about meeting the guarantor requirement for small business loans, please contact us at 469-206-1639 to discuss the circumstances. We’re here to help, and we may be able to make exceptions to certain requirements.