Preparing Your Loan Application

WomenVenture collects information about you and your business to evaluate your “loan readiness”, including the following:

Factors to consider when applying for a loan with WomenVenture

• Your personal credit will be pulled
• When credit is pulled, data is analyzed as a whole, credit score and report as one
• The minimum credit score accepted is 500, subject to underwriting approval. We can refer you to reputable agencies for guidance on how to improve your credit
• The applicant understands and agrees that we may report the loan payment information to the credit bureaus
• When underwriting a loan, we account for personal and business income. What we look for is the ability to afford business expenses, afford personal expenses, repay debt, and operate profitably
• You must have a business plan

As part of your loan application, all owners with a 20% or greater ownership interest must submit an application and credit authorization. The following documentation is required as part of the application process. Additional documentation may be requested depending on your unique situation.

New and Existing Businesses

• Identification (state issued ID, driver’s license, passport)
• Proof of citizenship or permanent residency (social security card, birth certificate, residency card)
• A comprehensive business plan
• Monthly or annual cash flow projections for 2 years
• Most recent 2 years of personal and/or business federal signed tax returns. Please include ALL pages, all schedules, 1099s, K-1s, and W-2s
• Proof of current income
• Additional income verification (upon request)
• Most recent 3 months of personal and/or business bank statements
• A copy of your business’ signed lease or letter of intent, if applicable
• Resumes of all owners/partners/shareholders (not required for existing businesses in operation for more than 3 years)
• Must be actively registered with the MN Secretary of State
• Articles of Business Incorporation and Bylaws. For LLC’s and Partnerships, include your Partnership Agreement, Certificate of Formation, Shareholder Agreement or Operating Agreement
• Proof of EIN (Employment Identification Number)

Existing Businesses

• A current Balance Sheet, signed and dated
• Year-to-Date profit and loss statement, signed and dated
• Narrative outlining your business goals for the next 2 years

If your loan is approved, additional conditions may be required including, but not limited to the following information:

• A voided check (or bank statement with routing & account number) of business account
• Bank signature card or letter from the bank verifying all parties with authorization to access the business account
• Borrowers must obtain, maintain, and provide proof of business insurance (BPP – business and personal property and liability) with adequate coverage and list WomenVenture as a loss payee. Additional insurance requirements may apply depending on the industry and business model
• Any additional conditions set forth in the transaction documents

Ready to apply for a loan with WomenVenture?

Submit your Lending Eligibility Questionnaire to Get Started

Once we receive your Lending Eligibility Questionnaire, we will contact you with an invitation to start the loan application process.
Questions about our loan program? We’d love to talk with you! Please contact us at lending@womenventure.org