Quick Qualifier Loan
Amount: Up to $10,000
Interest Rate: 2.25%
Please note, applicants are strongly advised to request a loan amount reflective of the organization’s capacity to take on debt.
Description
This loan is used to help with cash flow needs or cover program related expenses before a related grant or contract is received. Application has fewer requirements than a basic bridge loan.
Examples of Loan Use
An organization was awarded a grant, but does not expect to receive funding in time to cover upcoming program or general operating costs.
Requirements
Must be secured by a current government contract, an approved grant or other confirmed source of income
Pledges from individuals are excluded.
Confirmed sources of income cannot exceed four contracts.
Loan is due 30 days after each confirmed source of income is received.
What you will need for the application:
Current fiscal year operating budget
Current fiscal year to date financial statements (income statement and balance sheet)
Prior fiscal year end financial statements
Board roster with affiliations
Proof of collateral or guarantee of repayment such as signed government contracts, grant award letters
Upload the following document
Contact
Please contact our ALF consultant if you have questions about the loan or need further guidance on the application: Margaret Southerland at margaret at padmaconsulting.com or 415-567-5494.