How does FEC determine approval and qualifying amounts for loans?
FEC uses a comprehensive decision matrix that takes into account the amount of the loan, your FEC Credit Rating, credit bureau scores, and the number of liens outstanding on the property.
- The project qualifies for a rebate.
- Owner(s) account is current. No past due balances or outstanding payment arrangements.
- Owner(s) FEC Credit Rating. Approval requires 9 points or less within the last 12 months.
- For all loans over $1000: Owner(s) Credit Score. Approval requires scores above 600.