New Funding Program Announced For Minority-Owned Small Businesses
11/13/2018

Business Credit Literacy Initiative, a 501(c)(3), recently announced a new grant-funded program to increase access to capital for minority-owned businesses.

Online PR News – 13-November-2018 – St. Louis, MO – Business Credit Literacy Initiative (BCLI), a 501(c)(3) non-profit recently announced a new grant-funded program to increase access to capital for minority- and women-owned businesses.

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, feasibility data, 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.

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.

The SBA guarantees the loans and participating banks have agreed to relaxed underwriting criteria including:
• Start-ups are eligible
• Low interest rates
• 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

To assist its membership, the National Association of Black Women in Construction (NABWIC), a Florida-based, not-for-profit organization, is an example of an organization that is proactively taking this message to its membership. Ann McNeil, founder of NABWIC 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 NABWIC members nationally. I know first-hand what a positive opportunity the BCLI program is!" Through a partnership with another 501(c)(3), Stars & Stripes Financial Literacy, this program is also available to qualifying veterans.

FOR MORE INFORMATION

Small businesses wishing to take advantage of this free, grant-funded program should complete a simple intake form on http://sba.99businesscredit.org/capital-ready-package/ or contact BCLI directly at funding@BusinessCreditLiteracy.org.

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