Fast Track Loan
Credit-building microloans for established small business owners
Entrepreneurs seeking a loan for a specific business need are eligible to access ASSETS’ Fast Track Loan.
The Fast Track Loan is available to graduates of the Lending Circle or established business owners who meet the minimum requirements. This 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.
How It Works
Who can participate?
Established small business owners and graduates of the Lending Circle Year 1 and the Lending Circle Year 2.
How much will I get?
Fast Track Loans range from $3,600 to $10,000, depending on the financial capability of the individual and their business standing. Credit requirements may apply.
How long is the commitment?
Fast Track Loan terms may vary and are subject to change on a case by case basis. Currently, terms range from 12 to 24 months.
When will I receive the funds?
Funds will be distributed at loan settlement, after each participant has compiled the required documents and the loan has been approved.
What will be expected of me?
Fast Track Loan borrowers have access to all of the Lending Circle workshops. Fast Track Loan borrowers are required to attend a minimum of 4 out of the 12 available workshops for every year the loan is in repayment. You are also expected to make regular payments on your loan. Failing to do so will result in a late fee and a negative impact on your credit score.
How will my credit improve?
ASSETS reports participants’ payment history to a major credit bureau agency every month. Credit Counseling is also offered as a benefit of this loan.
What is the outcome?
Outcomes vary depending on the individual participant. You may decide to attend additional workshops than required to strengthen your business skills and create positive financial history.
If you attend the workshops, turn knowledge learned into action, make all loan repayments on time and work with the Impact Investment staff, your credit and business performance will improve.