Empowering Small Businesses
As a not-for-profit Community Development Financial Institution (CDFI), we specialize in serving small businesses located in Tompkins, Cayuga, Chemung, Cortland, Schuyler, Seneca, Steuben, Tioga, Monroe, Orleans, Genesee, Livingston, Ontario, Wayne, Yates, Onondaga, and Broome counties.
Our mission is to assist those who may not qualify for traditional bank loans in order to support living wage jobs and build wealth in low/moderate income and marginalized communities.
How it Works
Our Business Development team will help strengthen your application especially if you need help preparing and writing your business plan or need help with your application. We’ll work collaboratively with you to ensure you’re well-prepared and informed throughout the loan application process.
Ready to Apply?
Start your application process by emailing us at BusinessLoans@alternatives.org.
*All loans subject to approval.
Explore Our Loans
Women & Minorities Subsidized Loan
Working Capital Loan
Line of Credit
Business Equipment Loan
Commercial Mortgage
Share Secured Loan
Application Process
- Loan Application: Begin with our standard application form.
- Personal Financial Statement: Provide a detailed account of your personal finances.
- Business Plan: Include all necessary financial statements. If you are an existing business, include two years of financial statements and tax returns, along with a year-to-date profit and loss statement.
- Additional Documentation: For idea development and document compilation, our Business Development Program is available to assist you.
- Two years of financial statements and tax returns.
- Current financial statements (to within three months), including income statements, balance sheets, and supporting schedules.
- A personal financial statement from each principal of the business.
- Detailed business plan outlining the business structure, product/service description, marketing strategy, competitive analysis, trade references, and principal biographies.
- Description of collateral, purchase receipts, or price quotes for new equipment.
- Pro-forma projections on a month-by-month basis for two years.
A personal guarantee from each business owner is required, demonstrating commitment to the business’s success. This guarantee ensures that the principals are personally accountable for the loan. This requirement may be waived for non-profit organizations at the discretion of the Credit Union.
- Steady income sufficient to repay the loan and other obligations.
- Sufficient collateral that is readily identifiable
- Owner equity in the business
Often, a business cannot provide the level of information we request. In that case, we will review the loan with the information presented. If the information provided is not sufficient to grant the loan, we reserve the right to require additional information. The loan may be considered for approval on the basis of the owner(s) personal credit.
Have Questions or Ready to Start?
For further inquiries or to begin your application, please contact us at BusinessLoans@alternatives.org.
We are committed to providing the support you need to navigate the complexities of securing a business loan. At Alternatives, your business success is our priority. Join us and experience a partnership that values and supports your entrepreneurial journey.