Borrowers

CURRENT & POTENTIAL BORROWERS

DETERMINE YOUR AMOUNT

One-year commitment required, minimum of $1,000 annually (one-time or monthly)

MONITOR YOUR LOAN

A biennial annual report is published to provide an overview of the fund’s performance

REALIZE BENEFITS

Receive a full tax credit for your contribution, 100% of your donation is eligible for tax deduction

friendly african american businessman meeting with client

``DOUBLE IMPACT`` LOAN DETAILS

  • Amount: between $5,000 - $20,000
  • Monthly Repayment Schedule
  • ZERO (0%) Interest Rate with 25% FORGIVABLE option (Borrower must meet certain post approval conditions)
  • Applicable Loan Processing Fees
Do your part to impact the Black community today!
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1.3

TRILLION IN BLACK BUYING POWER

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2.6

BLACK-OWNED BUSINESSES IN THE US

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BLACK-OWNED BUSINESSES IN LOS ANGELES

CURRENT LOAN RECIPIENTS

Receive a 10% discount on all goods, products, and services offered by BCIF loan recipients.

CHNO

Loan Amount: $15,000


www.chnobeauty.com

Ride On Bike

Loan Amount: $5,000


www.rideonbikeshop.com

RCO Tires

Loan Amount: $10,000


www.rcotires.com

MyAvana

Loan Amount: $10,000


www.myavana.com

HOW TO APPLY

DETERMINE ELIGIBILITY

Determine if you are eligible for any of our loan programs

APPLY FOR LOAN

Apply for downloading application or applying online

APPLICATION REVIEW

Our team reviews all applications and determines who gets a loan

ELIGIBILITY CRITERIA

  • Primary target population: Black business owners or residents in Los Angeles, Riverside, San Bernardino, or Orange Counties
  • Strong potential for positive impact on the economic trajectory of the Black community
  • Evidence substantiating that a microloan will help yield a financial return and future asset building
  • Must demonstrate the need and a capacity to repay; Stellar credit history is NOT required
  • Annual gross business revenues of less than $500,000 (including start-ups) and household income of less than $200,000 for individuals
  • Experienced, entrepreneurial, and/or innovative leadership
  • Black owned businesses, preferably with the capacity to create jobs for other African Americans
  • First-time home buyers and/or home buyers targeting property in communities with high concentrations of Black residents

THE REVIEW PROCESS

Applicants submit a preliminary loan application online through the BCIF website. If the application meets basic criteria and there is interest in further exploration, BCIF sends an invitation to complete a more comprehensive loan application packet. Upon receipt of the comprehensive application, a designated BCIF representative reviews application materials and conducts due diligence (i.e., review business concept, viability of request, financials, etc.). If the request is moved forward, a BCIF representative conducts an individual interview with the applicant to assess “character credit,” applicant’s ability to repay, and address any other presenting issues. If the request is moved forward, a preliminary review of the loan recommendation is conducted by a loan review committee comprised of select BCIF donors. If the loan review committee approves the recommendation, the request is forwarded to the board of directors for final review and approval. Approved borrowers are notified of loan awards and funding is processed and disbursed two weeks from formal loan approval.

Do your part to impact the Black community today!