Build Institute is implementing a new service for business owners, The Build Capital Ladder Loan Fund. We have reviewed the data and heard consistently from community businesses about the need for funding for early-stage, growth, proof of concept, and justified stage businesses. To support closing the gap we have expanded our funding options for early stage growth entrepreneurs.
Build Institute seeks to teach and empower business owners to be financially capable to access capital through education and access to grants and loans. Build Institute’s loan fund will support businesses who are moving forward from the idea phase and towards becoming a maintenance phase business that can walk into a bank. The Build Capital Ladder Loan Fund will be an early step on the capital ladder and can be stacked with other funding options such as a Kiva loan to ensure that a business has the financing it needs to launch and grow.
Loan Service area:
This loan fund will serve community based micro-businesses in the Detroit, Hamtramck, and Highland Park locals. The loan will support those who have micro businesses and are early stage where a loan in the $5k – $15k range will be supportive and remove a barrier for sustainability and growth. The loan terms are from 24-36 months and have a 3% interest rate.
What you need to know:
If you are interested in applying the pre-application is below. If you prequalify we will have you fill out a full application. The pre-application will help you learn what documents you need to prepare to move through the approval process as quickly as possible. We will need:
- a business plan
- financial projections
- historical financial statements
- 3 years of tax returns
- a certificate of good standing from Lara (MI Department of Licensing and Regulatory Affairs)
- Personal identification such as a Drivers License or State ID