FAQ

? Is Impact a grant?

Impact is a repayable loan.

? Do I need security for it?

It is an unsecured loan. However, if the loan is used for equipment, it may be used as security.

? Do I need a down payment?

No you do not need a down payment. However, should you require additional investment, other lenders may expect a contribution from you.

? Does my credit have to be good?

Credit is an important part of the assessment for Impact. However, Impact considers credit that is normally lower than what a bank would expect.

? Can I use a co-signer if my credit is not good?

This will need to be discussed with the Urban Lender.

? What if I am unable to make my loan payment this month?

If a loan payment cannot be made, you must notify your Urban Lender and they may agree to hold payment or agree to interest only for a period of time.

? Are franchises eligible for Impact loans?

A franchise can be considered under Impact.

? Does repayment start right away?

Impact has flexible repayment options that you can discuss with your Urban Lender.

? What are the interest rates?

Interest starts at Prime plus 2%.

? Can I get a loan of $5,000?

Impact can consider lending requests of any amount to a maximum of $20,000 per individual/business.

? Can it be used to pay off existing debt?

No. Refinancing is not eligible under Impact.

? I have a Seed loan, can I apply for Impact?

Yes, but the maximum loan that you can have outstanding at any time with Seed and Impact is $20,000 (they are the same program).

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