CNHED created the Guide to Small Business Financing to help small business owners in Washington, DC navigate the various local lenders (i.e., financial institutions including banks, CDFIs, MFIs) and loan products to find the best financing option for their business. There is a wealth of information on lenders and loan products available to support small businesses, and this guide aims to consolidate that information and provide key tips on how small businesses owners can research, compare, and apply for these financial resources. While this guide is useful for any small business, it is specifically designed for first-time borrowers embarking on their search for debt financing.
As CNHED continues to respond to practitioner feedback and on-the-ground experience, we’re committed to developing ecosystem-wide resources and solutions to support small and minority-owned business at every stage. Whether through the DCSmallBizHelp tool, the CNHED Capacity Building Institute, the RFP Response Strategy Toolkit, or this guide, our intention remains: to support local businesses in their pursuit of prosperity for themselves, their employees and our broader community.
Part One of the guide highlights five key pit stops (or steps) for small business owners on the road to locating the right lender with the right financial product. Whether you’re a business owner with a back-office support team, one who has successfully navigated a course on the business borrower’s journey, or a new business owner who hasn’t yet embarked on the path, reviewing the valuable content in this portion of the guide will ensure that you make informed choices that help you obtain the right financing for your business. Once you’ve developed a working knowledge of the key points, it’s essential to regularly review each step and its associated materials.
The Lender Snapshot comparison table in Part Two of the Guide to Small Business Financing includes the following lender types: banks (community and regional), Community Development Finance Institutions (CDFIs), Microfinance Institutions (MFIs), and Crowdfunding Lenders. For more information about the differences in the various lender types, please refer to Part One: Borrower Preparation of the guide.
This list of lender profiles includes the following types of lenders: Banks (community and regional), Community Development Finance Institutions (CDFIs), Microfinance Institutions (MFIs), and Crowdfunding Lenders. For more information on the various lender types, refer to the Guide to Small Business Financing, Part One: Borrower Preparation.