Microloan Program FAQs: Do I Qualify?

As of October 20, 2021

1. I filed for bankruptcy in the past. Do I qualify for a loan?

If you filed for bankruptcy, either business and/or personal within the past five (5) years, you do not qualify for our programs which offer loans up to $100,000.
However, if the bankruptcy was more than five (5) years ago, you may be considered for one of our conventional loan programs.

2. I have an existing tax lien. Do I qualify for a loan?

If the tax lien was filed within the last three (3) years, you do not qualify for our Microloan Program which offers loans up to $100,000.
However, you may be considered for a conventional BCF Loan if the lien has been dispositioned – paid or with a current payment plan in place.

3. Is there a minimum credit score to be considered for a loan from BCF?

For loans up to $75,000, a minimum credit score of 620 for all guarantors will be required.
For all loans over $75,000, a minimum credit score of 650 will be required.
Scores lower than 650 will be considered on a case-by-case basis.

4. Do I need to be certified by the National Minority Supplier Development Council (NMSDC) to be considered for a loan with BCF?

For most loan programs and all microloan programs, NMSDC certification will be required.
Non-NMSDC certified minority-owned businesses will be considered on a case-by-case basis.

5. What is included in the Prequalification Questionnaire?

Click here to review the questions from our prequalification questionnaire. Once this is successfully completed, you will be invited to apply to our loan program.