What Is Albina Opportunities Corporation?
Albina Opportunities Corporation (AOC) is a non-profit business development organization that provides under-banked and underserved business entrepreneurs access to capital to enable them to grow their business and increase their profitability.
What Does Albina Opportunities Corporation Do?
AOC provides small business term loans and lines of credit ranging from $20,000 to $150,000, business advisory support services, and access to a peer group support network coupled with additional outside business networking resources that enable its borrowers to expand their self-employment business ventures.
What Makes Albina Opportunities Different From Other Lenders?
AOC works hard to establish successful partnerships with small businesses to insure their ongoing success. Traditional banks make lending decisions based on character, credit history, collateral, capacity, a personal guarantee, and 12-24 months of being in business with a positive cash flow. That can leave small businesses without access to capital through traditional avenues. AOC provides access to capital to those who may be considered “under-banked” or who may not satisfy all traditional lending criteria.
AOC uses a unique approach. AOC’s goal is to provide access to capital needed to bridge the gap for people who have been under-banked and do not qualify for traditional financing. As a part of each loan made by AOC to small businesses, volunteer Business Advisors are available to work with each client to address specific challenges along their path to success. AOC recognizes that loan default rates can be significantly reduced when it is an active player in support of the continued business development of its borrowers.
How Do I Get A Loan?
Step 1: Complete the on-line Initial Inquiry Form and Disclosure Authorization Form.
Step 2: AOC will review your information and determine if AOC is a good match for your needs. You will then have an initial meeting with AOC’s Loan Officer.Prior to an interview and determining the next steps towards loan approval, AOC will contact you to inform you if you have been selected, not selected or require additional assistance from our network of resources.
Step 3: You will then be asked to complete a Loan Application and Personal Financial Profile.
Step 4: Once a completed Loan Application and Personal Financial Profile has been submitted for review, AOC’s Loan Committee will determine final approval or denial of your request.
Step 5: AOC’s Business Advisory Service Program Coordinator will contact you about a Business Skills Assessment to launch your borrow benefits.
Step 6: AOC and any possible lending partners will coordinate a loan closing meeting and funding.
Why might I work with other lenders in addition to AOC?
AOC is a new non-profit organized to make loans to small businesses identified in its mission statement. At this time, AOC believes that it can most cost-effectively provide loans through partnerships with other private lenders who have established loan application and servicing processes already in place.
AOC intends to expand its network of outside lending resources over time in an effort to offer a variety of choices to prospective borrowers. In addition, AOC believes that in traditional commercial lending, many loans are not approved or loan amounts are reduced due to insufficient borrower collateral. AOC intends to provide participating lenders the loan funds necessary to close or reduce this “gap.” This strategy results in more loans to more businesses by leveraging its resources with other lenders.
What Is The Interest Rate Charged On The Loans?
Our interest rate is currently prime + 3%-8%, which is within the standard rate charged by other similar organizations who serve “higher risk” borrowers. The interest income received from our performing loans helps to offset our operating and business advisory costs.
Why Become A Member Of AOC?
AOC believes in the value of community support. AOC’s goal is to help borrowers become financially successful through small business ownership. Most of our borrowers come from underserved and under-banked situations and want their existing businesses to become profitable. Business owners are rebuilding their credit by borrowing from AOC and can get back on track with their credit through this opportunity.
One of the most powerful aspects of AOC’s lending program is borrowers’ access to our Business Advisory Support Services program (BAS) and strategic networking opportunities. Being self-employed can be very challenging, difficult, and sometimes lonely. AOC’s BAS Program provides a tremendous support system for business owners by providing feedback, support, accountability, and most importantly, dedication to the success of each business owner.
Why Do You Provide Borrowers With Access To Business Advisors?
AOC believes that one of the most effective tools for creating successful and sustainable businesses is to provide access to experienced, volunteer Business Advisors who understand the problems and the day-to-day struggles that many small businesses experience. These individuals are well connected within our community. AOC knows that when its borrowers are successful, its loans will be repaid and future loans can be made to other business owners.
What Training And Support Will You Offer Borrowers?
AOC clients first participate in an initial interview. If a loan is approved, borrowers complete a Business Assessment questionnaire to determine their business skill sets and needs. Once the client’s business strengths and weaknesses have been identified, AOC can best identify the best borrow benefits to help support that business. Simply put, AOC wants its clients to succeed and is willing to offer assistance whenever it is needed.