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hey it's dan welcome back you're watching i allegedly and uh we've got a really good one for you today because we have eight different alternatives that you can use to the eidl loan now the eid loan as you know is the sba's 3.75 30-year fixed loan uh and we have a bunch of alternatives for you to look into uh before i get into it please like this video please hit the subscribe button and the bell notification so you get notified of everything that we're doing and uh let's get into it the eidl loan ends on december 21st 2020. uh now here's the problem with this this is supposed to be the end of the loan does that mean the last day that they will fund you the last day that they will take applications we really don't even know the answer to that because as we've spoken to the sba they've been vague and uh so right now if you follow this channel and you follow the comments on these videos there's a tremendous amount of people that are in limbo and waiting and that is utterly ridiculous if you have been told okay that you're approved for a loan and you haven't been funded yet you need to get on the phone and demand immediately that they fund your loan within three days because this is preposterous uh i know people that have applied and in four days have gotten the money so for those of you that have been given a yes and you know your loan amount you should have the money already and you should be asking them for more right now so that's the first thing the second thing is the people that have never gotten an answer it is simply because you have not given them proper information there is something there's something missing a phone number's wrong an email address is wrong something to where they can't verify and connect with you reach out to them and get an answer now just so i i make it clear no is an answer hi we're not going to give you the loan or you don't qualify or whatever okay but again do you want to deal with somebody that takes four months to give people answers on loans it's it's preposterous i know somebody that's waited six months and finally got an answer and the second thing is do you want to take the money this year or do you want to take it in 2021 and deal with a new tax year that's your question for you to talk to your accountant with i have been searching alternatives for the eidl loan and i've come up with a really great solution and these are called community development funding institutions these are non-profit lenders that you can go to for your business that are much more flexible than the sba program is traditional sba loans require that you have a very high credit score that you have collateral for the loans above 25 000 and here's the interesting fact about traditional sba loans right now the sba the regular lending not counting ppp not counting the idl is down 65 percent why is that people need money it's because the traditional person has been suffering during this time and they don't meet the general loan requirements that's what the lenders told me now these cdfis community development financial institutions are available and they are amazing there's five things about them that make them different than a traditional bank number one they will deal with startups if you have an idea for a food truck if you want if you do something in your business you want to tractor company and you want to get into backhoes and you want to do something different termite guy and you wanted to get into different pest control this is the type of lender you want to go to because they will listen to new ideas these places are insane the ones that i found some of them don't even require a credit score okay nuts so they're relationship driven which means it's not a traditional bank you fill out an application we're all the same it's the numbers on the page that goes in that gets put into the algorithm to determine if you're a deadbeat or if you're somebody that they should give a loan to okay so this is based on your relationship with the bank and again if you are not a social person in your company i see this a lot in the medical space you get this brilliant doctor or engineer who's developed something but this guy has the um personality of a newspaper and he's an idiot but he's brilliant he's smartest one of the smartest people ever meet but he can't talk and they're gonna put this guy in front of the financiers and it's a huge mistake i see it time and again but because he's the smartest guy nobody can ever tell him this know your limitations if you're not good dealing with people have somebody in your company have your wife have your husband have somebody who's got the personality to talk to the bank and build relationships there's nothing wrong with that it will help you and it will get you the money easier these cdfis love minority businesses they love women-owned businesses they love businesses in urban areas if you live outside of a big city you have a great chance of getting one of these loans because they're there to help these communities okay they don't require collateral like traditional loans do which is fantastic and a lot of them offer different services they offer financial planning for the business hey if we lend you this money now to buy the new backhoe what's five years look like from now what's this look like from now for your restaurant if you know and again mentorship um different counseling different guidance and and that's that's a cool feature to these places whether you use it or not it's just an option so um let's get into it and again eidl ends on december 21st uh you've got to have something else you need money you need to borrow money you need a line of credit let's take a look at the uh the cdfis that i found out you know the last few days and let me share them with you now first things first is the economic development administration this is an amazing resource for you it's great you know to find grants it's great to find lenders but today this is an alternative source to find lenders that you don't traditionally see let's look at a state like texas look at all these uh revolving loan grantees i mean these are all these different funds that you can get to that are alternative financing in texas let's take a look at some other states okay virginia everybody complains there's nothing in virginia dan look at all these different lenders that are in virginia that you can deal with directly and again it's not a traditional wells fargo j.p morgan bank of america it's all these different places that you can go to illinois again all these different places that are revolving loan fund grantees absolutely an amazing resource go down click go through your area and uh let's look at some other states nevada people question that a lot dan what have you got they've got nevada state development corporation and arizona is another one everybody keeps asking for a bunch of resources in arizona now the cool thing is that i'm going to follow this up with some really unique lenders now up first for the non-profit community lenders is a place called lift fund this place is absolutely amazing because first of all it covers the south it covers 13 states and they have offices and all the little dots that you can see in those states but they will lend money to businesses in those 13 states non-profit lender they've got all these different programs that are very you know they're great low fees uh and they'll fund every type of business so the cool thing with this is they've got coveted loans that you can get and the application process is very simple but here's the thing they can go 500 to half a million dollars and i mean that that's absolutely amazing when you think about somebody that'll lend in that range and look at this 500 half a million dollars terms that fit your need startups business equipment real estate vehicles restaurants operating capital i mean pretty simple guys but this again is a non-profit lender they've they've been around for absolutely years all these different places in the south the the troubled states of louisiana and georgia are covered by this plus the cool thing with this is that these guys from time to time have grant programs that they offer and share there are no grants available right now through this program but they announced them and as they come out you can check back with them and see what grants are available but seriously just you know look at these none of these are available right now but it's a great resource and you can get the loan from them apply right away here's another community lender edfc this is a non-profit program in the state of california for mendocino county that can get you access to business loans and capital they've got all these different resources and the cool thing with this is that again it's an alternative to the eidl something completely different and application process fairly quickly they're funding right away they can go from very little to a high dollar amount and uh i mean you know look at this 5 000 to 250 000 now this place has a has a loan uh fee to get a loan you have to pay a fee to get the loan it's not that much but again you do a pre-application that basically it tells you if you're going to get the loan or not so you would do something fill this out see if you pre-qualify and see if you can get the loan good luck to you guys if you're in california now next up for the alternative to an eid alone is the pace development business center now you can get a loan here fifty thousand dollars three and a half percent two to five years you can get up to 250 000 for four and a half percent up to seven years i mean unbelievable but this is basically a disaster alone program and uh very simple process you can see right there you can contact them but again guys an alternative look at alternatives low fees quick funding great alternative to get over the eid alone plus they're given answers fairly quickly so check it out if you're in the uh western part of the united states some of these are regional some cover large areas uh some are industry based but a great place to start looking for this is that eda website they've got a lot of different resources for every single state in the union so take a look see what's out there and uh see if you can use these resources and again the worst thing they tell you is no hey we don't lend to a business like yours great can you tell me or make a suggestion on who you think i should call 99 of the time they're going to say i would try this i would try that so you'll have another resource okay let's continue now up next is an alternative to the e-idea loan is california capital this is a great resources for workshops business loans women's business center they've got small business loans to start a business they've got business loans to fund your existing business but the cool thing about this place again another non-profit community based lender that does loans as low as 500 bucks okay which is crazy that you find a lender that does that you know you can get a five uh 500 to twenty thousand dollar loan to start your business you can get a loan for your existing business to 150 000 check it out you know i looked at the application fairly simple standard stuff but reach out to them the link will be in the description below good luck to you guys up next is another great resource which is mountain biz works this place is incredible because they will lend you between a thousand and two hundred and fifty thousand dollars for your business they've made you know over a thousand loans again non-profit lender okay they want to give you financial advice they want to give you uh you know advice to help you with your small business and again phone numbers everything all you know the link will be below this place has been open for 27 years you know they have certain rules you know they have no grants loans only but uh interest rates are low depending on the loan and the factors and what kind of company you have you know i mean again you can get a loan it says here two to three weeks which makes the sba look you know incredibly slower than they normally have but again check it out look at mountain biz work see if it'll work for you and good luck to you guys now the next non-profit program is pmhdc which is a micro business and housing development corporation they help small businesses grow through counseling and through loan programs and this place is incredible because they work with everybody if you have an idea for a business they can lend you money and they are a non-profit organization they are here to help existing and startup companies but i mean this is crazy because they will lend you between 500 and 75 000 and they can also work with people that have no credit score is what it says right there look at that highlighted section right there unbelievable so they make all their own decisions you know does the loan benefit the community i mean come on every benefit every business benefits a community in one way or another so check it out reach out to these guys but again an alternative to the eidl program that you probably haven't heard of but call them reach out to them the worst thing they're going to tell you is no maybe you'll get a loan good luck now finally the last one is rcac this is a 501 3c non-profit but look at this they've got offices on the left side of the united states i mean it's everything in the western part of the united states they have all these different offices they're designed to help the smaller rural businesses get access to money their lending programs are absolutely incredible and again simple designed to you know give people a way to save jobs to get access to money and again it's easier than dealing with a regular bank they have everything that they want right there which every business owner should have access to working capital the terms are basically up to five years uh they do have a simple loan fee get up to half a million dollars okay they do lines of credit for 150 000 i mean this is this is incredible guys but a quick resource look at all the phone numbers all the different states those loan officers right there and the people you can reach out to and call directly so absolutely an amazing resource rcac good luck reach out to them well there you go there are eight resources for you to start investigating an alternative to an eidl program call them reach out to them ask questions and see if it's a good fit for you and your business but there are hundreds of these places across the country that you could introduce yourself to some are regional some are local but get into it um another thing i want to thank the person that sent me this it's very thoughtful of you thank you very much you are anonymous and uh i truly appreciate it so uh good luck to everybody please don't forget to like this video uh subscribe uh hit the bell notification so you get notified of everything we're doing please join our email list and uh don't give up remember eidl ends on december 21st you've got to have an alternative you need a different bank you need a lender even if you don't borrow the money you need somebody that can give you a quick decision somebody that can understands what you guys are doing and that's what these cdfi's are for okay so good luck to you i will see you all very soon and thank you very much you