Credit-building microloans for established small business owners
This unique product provides access to small personal loans intended for business purposes, while helping entrepreneurs establish or improve credit history.
The Small Business Loan is a great opportunity for business owners who need working capital, equipment, or supplies but aren’t ready for financing from a traditional financial institution.
Ready to get started?
Sign up today for your free, in-person Discovery Meeting. This 30-minute session is focused on your story, mission, and goals, and how ASSETS can help you elevate and build your business.
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The Gateway to Several Benefits
Access to a Small Loan
of $1,000 — $10,000 for your business
Increase Credit Score
with a credit-building action plan
Peer Group Financial Management Support
through monthly business workshops
through one-on-one financial counseling sessions
How It Works
Established small business owners, or start-up businesses who have participated in ASSETS’ Business Start-up Idea Incubator.
Small Business Loans range from $1,00o to $10,000, depending on the financial capability of the individual and their business standing. Credit requirements may apply.
Small Business Loan terms may vary and are subject to change on a case by case basis. Currently, terms range from 12 to 24 months.
Funds will be distributed at loan settlement, after the business owner has completed the required documents and the loan has been approved.
Small Business Loan borrowers have access to all of the Community Lending monthly workshops. Small Business Loan borrowers are required to attend a minimum of 9 out of the 12 available workshops for every year the loan is in repayment. Borrowers are also expected to make regular payments on their loan. Failing to do so will result in a late fee and a negative impact on your credit score.
ASSETS reports participants’ payment history to a major credit bureau agency every month. Credit Counseling is also offered as a benefit of this loan.
Outcomes vary depending on the individual participant. Borrowers may decide to attend additional workshops than required or utilize individual coaching sessions with ASSETS team members to strengthen business skills and create positive financial history.
If borrowers attend the workshops, turn knowledge learned into action, make all loan repayments on time and work with the Community Lending team members, their credit and business performance will improve.
Did you know financial counseling is provided?
Financial counseling is provided to every borrower who receives a small business loan through ASSETS.
This includes monthly group meetings and individual financial counseling sessions with expert staff to create plans to improve personal credit and build business financial expertise.
ASSETS helps you get organized with your finances.They not only focus on the business, but they also focus on the individual, asking ‘are your finances in order?’ If stuff isn’t in order, they help you and have you sit down with a financial counselor. They’ve helped me to grow.
Yvette Maldonado, MEd, NCC, LPC
Owner of F.O.C.U.S. Counseling