In this informative video, we delve into the concept of Community Development Financial Institutions (CDFI) and their importance in providing special loans. These loans exclude income and employment verifications, offering advantages to self-employed individuals, dispensary owners, and gig workers who possess ample reserves. The speaker discusses how the loan works—including its limitations and minimum down payments—detailed qualification requirements, potential reasons for rejecting an application, and the easy application process through Comergence. This video is highly beneficial for anyone interested in exploring alternative loan options that accommodate unique financial scenarios.
00:00 Introduction to CDFI
00:19 Understanding the CDFI Loan
00:57 Who is the CDFI Loan For?
01:59 Examples of Ideal CDFI Loan Candidates
02:45 CDFI Loan Requirements0
4:30 Common Pitfalls in CDFI Loan Application
05:02 Understanding Reserve Requirements
05:54 Getting Approved with Champion Funding
06:49 Conclusion and Contact Information