Latino Economic Development Corp.
Description
Providing specialized financial services for small businesses, this lender offers SBA loans tailored to meet diverse funding needs. Whether you’re seeking capital for expansion, equipment purchase, or working capital, they facilitate access to government-backed loan programs that support growth and stability. Their expertise includes handling SBA 7(a) loans, which are ideal for a variety of business purposes, and they have a history of approving substantial loan amounts up to $250,000. Located in Washington, DC, they serve entrepreneurs across the region, helping them navigate the complexities of SBA lending with personalized guidance and support.
Location
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Q&A
Lender Type
Commercial Bank
Google Rating
4.1
Google Review Count
55
Question 1
What is this place and what can I find here?
Answer 1
This is a financial institution that offers SBA-backed loans and small business financing solutions. You can find assistance with loan applications, guidance on SBA programs, and support for business growth initiatives.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It is recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins may be accommodated depending on availability.
Question 3
What are the hours of operation?
Answer 3
Typically, they operate from 9:00 AM to 5:00 PM, Monday through Friday, but it"s best to confirm directly with the branch.
Question 4
Is there a fee to use this?
Answer 4
There are application and guarantee fees associated with SBA loans, but no fees simply for consulting or initial inquiries.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This lender primarily serves small business owners and entrepreneurs within the region, but eligibility depends on meeting SBA program criteria.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of around 640 is generally recommended, though higher scores improve approval chances.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes 30 to 45 days, depending on the complexity of the application and completeness of documentation.