Frequently Asked Questions

What do I need to qualify for a loan?

1. Be over the age of 18.
2. You must have a Social Security Number (SSN) OR an Individual Tax Identification Number (ITIN).
3. Want to start or grow a business. (We don’t offer personal loans).
Business must be located in one of the states we serve: Arizona, Colorado, Georgia, Nevada, New Mexico, North Carolina, Texas.

What types of businesses does DreamSpring lend to?

We can consider lending to businesses with any structure: Sole Proprietors, Limited Liability Companies (LLC), Corporations, Partnerships, and Nonprofits. DreamSpring lends to businesses in a wide variety of industries including, but not limited to, food and beverage, transportation, retail, manufacturing, design, software, professional services, construction, landscaping, and many more. More

What are acceptable uses of loan proceeds from DreamSpring? (In other words, what can I use the loan funds for?)

Any business-related expense that helps you start or grow a business including, but not limited to, inventory, equipment purchases, vehicle purchases, payroll and material costs, marketing, buying the assets of an existing business, refinancing debt, and hiring expenses. DreamSpring prohibits loan funds from being used to pay past due bills, tax bills, or personal expenses.

Is there a fee to apply?

No, there is no fee for applying for a loan with DreamSpring.

What if I get approved but change my mind?

There is no obligation if you’re approved for a loan. We hope you will consider DreamSpring for your future financing needs.

Does DreamSpring charge a fee or penalty if I pay my loan off early?

No, we don’t charge prepayment penalties. Your cost for taking out a loan will include the closing fee and interest accrued until the balance is paid in full. Late fees and collection fees may be charged if you do not pay as agreed.

Will applying for a loan with DreamSpring affect my personal credit?

No, we can figure out how much you qualify for without affecting your credit score. If you choose to proceed and take out financing, we will make a formal inquiry of your personal credit which will be reflected on your credit report.

Does DreamSpring lend to start-up businesses?

Yes! We lend to businesses that are up and running as well as aspiring entrepreneurs who are starting a business.

Do I need to have a Social Security Number (SSN) to apply?

We can consider applications from applicants who have either a Social Security Number (SSN) or an Individual Tax Identification Number (ITIN).

What are my rights as a small business borrower?

DreamSpring has been a long-time advocate for the rights of borrowers. We have signed on to The Small Business Borrowers’ Bill of Rights (BBoR), the first-ever consensus on responsible small business lending practices. More