Lendistry loan application guide

We are proud to collaborate with Lendistry, a leading Community Development Financial Institution (CDFI) committed to supporting small business entrepreneurs. We are excited to support you in applying for a Lendistry loan. Loans vary in size from $25,000 to $5 million, with repayment generally over a 3-5 year period at WSJ Prime interest rates plus 2-6% (meaning roughly 9.5%-13.5% currently).

Please read this Lendistry Application Guide carefully and reach out to your Mona Coach by email at any point if you have questions or need advice.

Application link here.

Step 0 – Double-check your eligibility

The Mona team pre-confirmed your eligibility, but it doesn’t hurt to double check based on the more detailed list of criteria from Kiva:

  • You must be at least 18 years of age

  • You must have a credit score of 640+

  • Your business must have been operating for 2+ years

  • You must not have had a bankruptcy within the last 5 years

  • You must have no judgments or active tax liens (must be on payment plan)

  • You must not have been convicted of a felony

  • You must reside and operate your business in the United States.

  • Your business cannot be registered in the states of North Dakota, South Dakota, Nevada, or Vermont.

Step 1 – Gather your materials

During the application, you will need four key items:

  • Your last 3 years of business tax returns and 1 year of personal tax returns (if you operate as a sole proprietorship or single-member LLC, your business tax return may be the same as your personal tax return)

  • Your last 3 months of business banks statements (alternatively, you can directly verify your bank using Plaid)

  • Copy of all business license(s) required by law for your state/industry.

  • Your license/ID

Additionally, there will be a “soft pull” on your credit. This means that this application will NOT impact your credit score. For a smooth application process, make sure your credit report is NOT frozen. If your credit is currently frozen, you can temporarily lift the credit freeze by contacting the three credit bureaus below. Freezing and unfreezing your credit is FREE.

Experian: (888) 397-3742 | TransUnion: (888) 909-8872 | Equifax: (800) 685-1111

Step 2 – Apply, and then email your Mona Coach

Next you are ready to begin the Lendistry application:

  • Click here to begin your application. Be sure that you use this exact link as it ensures that your Mona Coach can help you with your application moving forward.

  • You will be prompted to create a Lendistry account. Enter your information and new password, then select “Register” (and confirm your account by entering the code you receive by text)

  • Click here for the Lendistry’s step-by-step guide on how to complete the application. Here are some key pieces of guidance on specific application fields, based on best practices we have seen that will maximize your likelihood of success:

    • As a general guideline, we recommend not applying for more than 20% of your business’s annual revenue​ (or, in the case of startups, only the amount needed to test your product or service)

    • Remember that if you operate as a sole proprietorship or single-member LLC, your business tax return may be the same as your personal tax return

    • If you are unsure about a specific question, reach out to your Mona Coach

  • Send an email to your Mona Coach letting them know you submitted

Step 3 – Check email for application review team questions

The Lendistry team will communicate with you by email regarding your application. Make sure you are monitoring your email daily and respond quickly to any requests. The Mona team can help you understand what you need to do next if you need help.

If you receive a loan offer or multiple types of offers (e.g., standard term loan, line of credit, SBA term loan), it will be important to carefully consider the cost of debt and whether it is worth borrowing in your specific circumstance. Your Mona Coach can help you think through this if you need support.

If and when you are approved, you will electronically sign the lending agreement from Lendistry.

Step 4 – Set up automatic repayments

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FAQs

  • The vast majority of U.S.-based, registered small businesses are eligible. There is no minimum credit score requirement.

  • Correct! Kiva is a non-profit and is committed to providing 0%-interest, $0-fee loans.

  • You’ll apply above and then receive personal support from the Mona team, as well as Mona's endorsement as a Trustee, in applying for a loan on the Kiva site. This is a crowd-lending process, so your loan amount is funded by a combination of individual lenders on the Kiva platform, matching institutions (e.g., Bank of America), and Kiva U.S. Almost 100% of loans we endorse are fully funded and distributed because of our partnership with Kiva to help on the crowdlending process.

  • The approved loan amounts we see typically vary from $4,000 to $20,000. Our partners at Kiva will determine the size of the loan based on the details in your application. We encourage you to apply for as much as you need.

  • For more details on the process and requirements, read here at the Kiva U.S. website. See here for examples of entrepreneurs that have been supported so far.