Who does ASII’s Small Business Department Serve?
ASII’s Micro-Entrepreneurship and Small Business Lending Program is poised to act as a catalyst to help build the city’s middle class. By expanding the flow of capital to this segment of our community, ASII facilitates job expansion, wealth preservation, and upward economic mobility. Our lending staff specializes in start-up and emerging small businesses. ASII places an emphasis on small businesses which have been unable to access affordable credit elsewhere; businesses that are considered “unbankable”, with lack of experience, limited credit history, and may also be measured as high risk. We serve a predominantly minority and low-income client base. However, all entrepreneurs and small business owners are encouraged to apply.
What types of products are offered to small businesses?
We offer secured/unsecured small business loans and lines of credit from $5000 up to $250,000.
What can the loan proceeds be used for?
The loan proceeds can be used for working capital, operating expenses, to refinance of business related debt, or to purchase equipment and/or inventory.
What are the requirements to get a loan?
How long does the loan process take?
Generally, the time frame is contingent on how quickly you can accurately complete and submit the application packet. The review process of a complete loan application package typically takes one week.
What does the required counseling session consists of?
The counseling session is conducted to gauge your readiness for homeownership. During the session, we will pull your credit report from the three major credit reporting bureaus: Equifax, Experian, and Transunion. In addition, we analyze your credit report and develop a budget that will promote savings, eliminate debt, and address any credit blemishes. Counseling sessions are required to participate in the First Time Homebuyer’s Workshop.
What are the benefits of attending the First Time Homebuyer’s Workshop?
The 12-hour workshop is designed to educate and prepare potential homeowners for successful homeownership. Over the 12-hour period, participants are taught the fundamentals of homeownership by different housing professionals. Participants also receive information regarding down payment assistance programs available in surrounding areas. All participants who have completed the 12-hour workshop and attended a one-on-one counseling session will receive a Certificate of Completion.
Do you offer the 12-hour Financial Fitness Workshop?
Yes. The 12-hour Financial Fitness workshop is our newest addition to our course offerings. The workshop will take place on April 3rd to 6th, 2017, 5:30pm to 8:00pm at Preservation Resource Center. The Financial Fitness Workshop is course designed to teach basic fundamentals regarding personal finances. The workshop is designed to provide informative content on: credit, budgeting, investing, and insurance. The workshop is accredited by the Louisiana Homebuyer Education Collaborative. The certificate received by participants is valid for two years from the date of workshop completion.
Why do I need a certificate?
The Certificate of Completion serves two purposes: Proof of participation in a Homebuyer Education Workshop and Access to certain down payment assistance programs.
How long is the certificate valid?
The certificate is valid for two years from the date of completion of the class.
What happens if I my certificate expires before I can utilize it?
If your certificate expires before you have purchased a home, you will have to retake the workshop to update your certificate. The cost to take the workshop is $75.
First Time Homebuyer's Workshop Registration Fees: (Effective until November 7, 2016)
First Time Homebuyer's and Financial Fitness Workshop Registration Fees: (Effective for January 2017 Workshop)
Credit Counseling Only