Frequently Asked Questions for the ACDSI loan fund are below:
1. Can I apply for an ACDSI loan for personal needs, such as to purchase a car or appliance or refinance credit card debt?
No, ACDSI only provides loans for opening or expanding small businesses. Our loans can be used for the purchase of inventory, equipment, vehicles, computers or if necessary, as capital to cover operational expenses.
2. What are the loan terms and repayment plans?
We provide flexible payment schedules which are negotiated between ACDSI and the applicant on a case-by-case basis. All loans require collateral.
3. What information needs to be included in my Business Plan?
- The type of business you plan to operate
- The products and or service you will offer
- The customers you will target and serve
- The methods you will use to advertise and promote your business
- Your experience and background in the type of business you plan to operate
- The proposed use for the funding you will receive
- Your past and projected financial statements for your small business
4. If I am applying for a Child Care Provider Loan, for what purposes can I use the funding?
Our Childcare provider loan can be used to pay for a variety of needs associated with operating a child care business, including classroom and playground equipment, playground fencing, building improvements to comply with state child care licensing requirements, heating and plumbing, computer technology and even costs associated accreditation and program enhancement.
5. Who makes the final decision on whether my loan is approved?
The ACDSI loan committee comprised of volunteer bankers and small business owners makes the final decision for all our loans
6. Do I qualify for a loan?
You may qualify if you:
- Own (or plan to own) a small business in Allegany or Cattaraugus counties
- Have a completed Business Plan (or Strategic Plan for exisiting businesses)
- Have a reasonable credit history
- Can offer acceptable collateral
- Can demonstrate your ability to repay the loan
7. How long does it take to get a Loan?
The length of time can vary usually between 3 to 4 weeks from the time a completed application is submitted
8. What other help is provided to borrowers?
Through the Entrepreneurial Assistance Program (EAP), our services include but are not limited to the following:
- Completing the application
- Business planning
- Financial planning and analysis
- Marketing and promotion
- Record keeping and accounting systems
- Legal and tax referrals