Credit-building microloans for small business owners
ASSETS has a unique lending program for small business owners that provides access to capital and business technical assistance services while establishing or improving credit history. Our Lending Circles are made up of entrepreneurs who need financial services and are willing to work together to make that happen.
FREE information sessions will be held at the following times:
–Tuesday, May 23rd at 9:00am
–Thursday, May 25th at 6:00pm
Meetings will be held at ASSETS HQ—100 South Queen Street in Lancaster.
Lending Circles serve as the gateway to several benefits: access to a lump sum of money, a way to establish or improve your credit score, peer group support, monthly business workshops and individual technical assistance, and access to larger loans from ASSETS or other financial institutions. With your lender, you will develop a credit-building action plan and turn knowledge into action, learning how to make real improvements in your credit rating.
How it Works
Who can participate?
Lending Circles are open to owners of an existing small business who are committed to learning how to manage their business through a group setting.
How much will I get?
Currently, the first cycle starts with loans of $1,200 or $3,600, depending on the financial capability of the individual and their business standing.
How long is the commitment?
Each Lending Circles group cycle lasts one year in order to have a greater impact on participants’ credit score and to begin implementing positive business practices.
When will I receive the funds?
Funds will be distributed within the first month of the program, after each participant has compiled the required documents and has met with the Lending Circles coordinator to create a credit-building action plan.
What will be expected of me?
Lending Circles members are expected to attend monthly technical assistance workshops on how to improve business practices. Topics and meeting times are chosen by the group. 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.
What is the outcome?
Outcomes vary depending on the individual participant. At the end of the first cycle, you may decide to continue for a second cycle so as to continue to strengthen your business skills and create positive financial history.
If you attend all of the monthly meetings, turn knowledge learned into action, make all loan repayments on time and work with your Lending Circles coordinator, your credit and business performance will improve.
For more information about our Lending Circles contact us at 717-393-6089 or send us an email at email@example.com.