DreamSpring — CDFI Small Business Loans
DreamSpring
$1,000–$350,000
Accessible CDFI lending for underserved entrepreneurs in 27 states
DreamSpring is a nationally recognized nonprofit CDFI serving entrepreneurs across 27 US states, with a focus on underserved communities including women, immigrants, people of color, and rural founders. Its flagship small business loan ($1,000–$250,000, fixed rate, 24–72 months) requires no collateral under $20,000 for borrowers with credit scores above 650, and accepts ITIN in lieu of SSN. 93% of loans support diverse business owners. DreamSpring also offers SBA Community Advantage loans ($50K–$350K) and the DreamCare Microloan specifically for childcare, home health, and care-economy businesses.
- Funding type
- Loan
- Level
- Private
- Amount range
- $1,000 – $350,000
- Realistic amount
- Median DreamSpring loan is approximately $35,000–$75,000. Borrowers with thin credit or in rural markets typically recei…
- Deadline
- Rolling — applications accepted year-round.
- Status
- active
- States
- AL, AZ, CA, CO, FL, GA, IL, IA, KS, LA, MI, MS, MO, NE, NV, NM, NY, NC, OH, OK, PA, SC, TN, TX, UT, WA, WY
- Payment model
- loan
Who qualifies
- Business must be located in one of the 27 states DreamSpring serves (AL, AZ, CA, CO, FL, GA, IL, IA, KS, LA, MI, MS, MO, NE, NV, NM, NY, NC, OH, OK, PA, SC, TN, TX, UT, WA, WY)
- For-profit businesses; startups and established businesses both eligible
- No minimum credit score stated — DreamSpring uses flexible underwriting based on cash flow
- ITIN accepted in lieu of Social Security Number for all loan products
- No collateral required for loans under $20,000 with credit score above 650 (as of July 2024)
- Collateral may be required for larger loans
- No minimum time in business specified — startups can apply for SBA Microloan product
- DreamCare Microloan: restricted to childcare, home health, elder care, and other care-economy businesses
What it covers
Eligible expenses
- Equipment and machinery
- Inventory and supplies
- Leasehold improvements
- Vehicles used for business
- Working capital and operating costs
- Care-economy specific equipment and startup costs (DreamCare product)
Ineligible expenses
- Personal expenses unrelated to the business
- Speculative investments
- Businesses outside the 27 DreamSpring states
- Non-care-economy uses for DreamCare Microloan
How to apply
-
1
Apply online at DreamSpring.org
Visit dreamspring.org/small-business-loans and start your application. The online form captures your business type, revenue, loan amount, and purpose. DreamSpring's intake is streamlined — basic intake takes 20–30 minutes.
~0.5 hrs
-
2
Gather financial documents
DreamSpring will request: 3–6 months of business bank statements, most recent year's business federal tax return (or YTD P&L for newer businesses), government-issued ID (ITIN accepted), and a brief description of how the loan will be used.
~2.5 hrs
-
3
Underwriting review
DreamSpring's team reviews your cash flow and business case. A support team member is available by phone Monday–Friday, 9 AM–5 PM Mountain Time (1-800-508-7624). Decision typically 1–3 weeks for standard loans.
~0.5 hrs
-
4
Sign loan documents and receive funds
Approved borrowers sign loan documents digitally. Funds disbursed via ACH. DreamSpring provides a community of support including business coaching resources.
~1 hrs
DreamSpring accepts ITIN across all products — a rare differentiator among CDFI lenders. The no-collateral option under $20K (with 650+ credit) is the fastest path. Childcare and home-health founders should specifically look at the DreamCare Microloan, which has a 3-month interest-only grace period built in.
Deadline & timing
DreamSpring accepts applications on a continuous rolling basis with no intake windows or cycles. Approval timelines vary by product: standard loans typically 1–3 weeks; SBA Community Advantage 4–8 weeks.
Programs that stack well
Related programs
Last reviewed 2026. GrantCompass is an independent funding-discovery tool and is not affiliated with any government agency. Always confirm details on the official program page.