New Funding Program Announced For Small Businesses
ATLANTA, GA (February 28, 2019) – Business Credit Literacy Initiative (BCLI), a 501(c)(3) non-profit recently announced a new grant-funded program to increase access to capital for small businesses through a collaboration with the Grove Park Foundation.The funding program incorporates SBA loans of up to $150,000 with a grant-funded “capital ready” program assisting participants with bank-compliant business plans, financial projections, and business credit profiles. Historically, many small business owners failed to meet the underwriting criteria of low-cost bank and SBA loans. Now, other than a refundable deposit, qualifying entrepreneurs have access to professionally created loan documentation at no cost. Through this program, participants are guaranteed a minimum of a $100,000 capital raise however there is no maximum or ceiling to the amount of funding available.
The SBA guarantees the loans and participating banks have agreed to relaxed underwriting criteria including:
• Start-ups are eligible
• Low interest rates with low payments as repayment period is a full ten years
• Flexible use as funding is considered a “working capital” loan
• Easy credit requirements of only a 165 FICO SBSS
The Grove Park Foundation is an example of an organization that is proactively taking this grant-funded programming to its community to help start and grow small businesses creating jobs, reducing unemployment, and improving community stabilization. S. Tarnace Watkins, Director of Economic Development for the Foundation stated, “I wish BCLI existed years ago when I was getting started as an entrepreneur and needed help in building business credit and funding. We are excited to bring this valuable program to our community. I know first-hand what a positive opportunity the BCLI program is!”
Through a strategic collaboration, all small business members of the Grove Park Foundation will receive access to a business credit building curriculum to access $100,000+ of capital under the EIN of the business with no use of personal credit or guarantees. This curriculum is valued at $2,500 and is being offered with no up-front costs to enroll and participate.
FOR MORE INFORMATION
Small businesses wishing to take advantage of this free, grant-funded program should contact the Grove Park Foundation at 678-545-5148 or visit https://gpf.innovativecapitalstrategies.org .