Frequently Asked Questions
Does DDF provide grants?
No, DDF provides business financing in the form of a loan.
If my company has been in business less than two years, would I still qualify for a loan?
Although that criteria is listed to qualify for a loan, DDF reviews all deals and determines whether they qualify on a case-by-case basis. All deals are reviewed with management in order to determine whether or not to proceed with underwriting.
What types of loans does DDF provide?
DDF provides both term loans and lines of credit for small businesses, real estate development projects, and job-specific lines of credit to contractors with awarded bids.
What are the interest rates?
Interest rates may range from 6% to 9%; however, it depends on several factors.
What credit scores are required?
DDF does not have a specific credit score requirement. Again, we look at each deal on a case-by-case basis. The following may disqualify an applicant from receiving a loan:
- Judgements for tax liens, child support, unpaid sales/use taxes, etc.
- Recent bankruptcy
- Failure to file personal and/or businesses tax returns
What if I filed for a tax extension?
DDF will accept appropriate documentation requesting an extension of income tax filing. Documentation will be anticipated upon the expiration of the extension date.
How long does it take to have a loan approved and funded?
If all required documents are provided with the application, we estimate from application to closing approximately 30 to 45 days. All loans are required to be approved by the DDF loan committee.
Does DDF provide business plan assistance?
DDF does not directly provide business plan assistance, however, we do work with a group of local business assistance providers who could assist with business plans, financial projections and more, free of cost!