Opportunity Fund loan application guide

We are proud to partner with the Accion Opportunity Fund (AOF), a leading non-profit community development financial institution (CDFI), and are excited to support you in applying for an Opportunity Fund loan. The Mona team will be here to support you in everything you need to successfully complete the application and hopefully get funded. After submitting an application on the Opportunity Fund website, if accepted, you will receive loan options within 15 minutes. The loan funding can occur as soon as within two weeks.

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

Step 0 – Double-check your eligibility

The Mona team pre-confirmed your eligibility based on your submitted answers, but it doesn’t hurt to double check based on the list of criteria from Opportunity Fund:

  • Business based in any U.S. state except: DC, MT, ND, SD, TN, or VT.

  • Minimum 1 year in business

  • $50,000+ in annual sales

  • 20% ownership of business

  • Must be at least 18 years or older

  • Must be a for-profit organization (i.e., not a nonprofit)

Step 1 – Gather your materials

During the application, you will need four key items:

  • Personal government ID (front and back)

  • Business tax returns (if you are a sole proprietor or single-member LLC, this may be the same as your personal tax return)

  • Personal tax returns

  • 3 most recent business bank statements (or you can simply use Plaid to link your business bank account when prompted)

Step 2 – Apply, then email your Mona Coach

Next you are ready to begin the Opportunity Fund 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. Click “Apply for a Loan.”

  • Fill out initial basic information and click “Start My Loan Application.”

  • Watch the video and click “Create an Account.” Enter a password that meets the criteria and then click to move forward.

  • Verify your email by clicking on the link in your inbox.

  • After verifying your email, go back to this link 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:

    • Amount Requested: When applying for a loan, Opportunity Fund recommends that you only request no more than 10-20% of annual revenue to maintain financial health.

    • Annual Revenue: Note that for gross revenue (which is your top-line sales number), you can select the higher of:

      • The past 12 months (which will be verified by your business bank statements); OR

      • The last full year for which you filed a tax return (look for “balance” after removing returns and allowances from “Gross Receipts or Sales” (verified by your tax return).

    • Monthly Business Debts: For this, do not include any personal debts.

    • Monthly Loans and Lines of Credit Payment: For this, do not include credit cards.

    • Plaid link: If you want to save time (can shorten process by up to 3 days), you should use Plaid to link your business bank account to Opportunity Fund.

  • Feel free to reach out to your Mona coach with any questions, and you can also contact AOF directly with any questions at 888-720-3215 (8am-8pm Mon-Fri and 9am-12pm on Saturdays). There is also a live chat option on the site.

  • You should receive a quote within 15 minutes, by email, without an impact to your credit score

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

Step 3 – Evaluate offers

When you receive your offers by email (if approved), you will see different term lengths, monthly repayments, and interest rate options. Interest rates on your loan offers will differ depending on the loan terms you select. You may see loan offers for amounts lower than what you applied for, if Opportunity Fund decides to approve your business but for a smaller amount. Note that Opportunity Fund’s offers and final approvals are valid for 30 days; if you let the offer expire, you can begin your application again.

Remember you can always reach out to your Mona coach to think through your options and decide which – if any – offer to take based on your situation.

Step 4 – Finalize loan

Once you have chosen an offer, we’ll ask you for final documentation to be uploaded; at this point, there will be a hard pull on your credit score. Opportunity Fund will then provide a final offer and loan agreement. Upon signing, you’ll receive the loan. In all, the loan funding can occur as soon as within two weeks of the initial application.