GROWTH LOAN FEATURES
GROWTH- Up to $35,000 to assist with growth in both typical and unique ways. Loan use may range from equipment to marketing and legal expenses. If you can make a case for why it's beneficial, the loan committee will consider the request.
RELATIONSHIPS- A personalized review process builds relationships with business leaders that want your business to succeed. Providing helpful insights rather than focusing solely on a critical evaluation is an additional value add with this unique process.
NO MINIMUM CREDIT SCORE - While traditional credit scores will always play an important role in the financial system, the Growth Loan's alternative underwriting methods are designed to evaluate the merits of a business and it's owner with an eye to the future rather than the past.
TIME- Small businesses have limited free time. While meeting with the SBDC to create your loan package you'll benefit from additional insights and industry-wide data along the way. You'll also learn about other local options for accessing additional capital.
COST- A higher interest rates isn't always the best way to offset risk. It can also be mitigated through a better understanding of the strengths, weaknesses and reputation of the borrower. Unlike online lenders, the Growth Loan provide interest rates that are at or below market.
NO FINANCIAL COLLATERAL REQUIREMENTS - If you had the money already, then finding a loan would be easy! A lack of financial collateral makes commonsense purchases extremely challenging. The Growth Loan is relational. Your collateral is your local reputation.
A Timeline that moves as fast as your schedule
Building Your Loan Package
You'll be assigned to a SBDC consultant that will help you through the Growth Loan process
Refine existing business plan and financials or create new ones. Complete additional requests from Access Ventures.
Plan to meet with your SBDC consultant 3-4 times to discuss your business and finalize your loan package.
Nobody Knows Your Business Like You Do!
Confirm The Date
Confirm your presentation date with your SBDC consultant. The Loan Committee typically meets once a month on Tuesdays.
Refine Pitch Deck
You will be presenting for 8 minutes and fielding questions from the Loan Committee for 12 minutes
If you have additional questions before the presentation to the Loan Committee, reach out to your SBDC consultant.
Growth Loan Committee
Arrive by 6:45 AM to make sure that your presentation and any required tech needs are working properly.
Within 24 hours of your pitch, you will receive feedback from the Loan Committee regarding their final decision.
Growth Loan closings typically occur within 7 days of your presentation to the Loan Committee.