Grow your business
Improve your credit
A good credit score is an important part of financial stability. High credit scores and a strong credit history can help you meet personal and business goals. Our credit building services can help build or improve your credit score. We do this through a Credit Building Loan and credit counseling with a Ventures Business Coach. Individuals who successfully repaid their Credit Building Loan with Ventures have seen a 50 to 650 point increase in their credit scores!
Ventures offers Credit Building Loans and credit counseling for people who have a thin credit file (three or fewer lines of credit) or for people who want to build or improve their credit. Contact a Ventures Financial Advisor for help deciding whether a Credit Building Loan is right for you. Individuals without Social Security Numbers (SSN) are welcome to apply, as long as you have a valid form of identification.
- Amount: The Credit Building Loan is a bundle of three financial products: a $300 termed loan, a $300 line of credit, and a $250 secured credit card.
- Interest Rate: Interest rates on all of our loans start at 7.25% for a first-time loan. If a loan is paid in full and on time, interest rates for subsequent loans decrease by .25%
- Terms: The loan term for the $300 termed loan is 12 months, with payments of $26/month. The final payment varies slightly. The loan terms for the $300 credit line is 12 months, and payment varies depending on use. Minimum monthly payments on the secured credit card are $25/month.
- Eligible Uses: Startup expenses, equipment, inventory, and marketing materials. All loans must be used for business purposes only.
- Credit Counseling: All loan recipients will receive credit counseling, which includes three appointments with a Business Coach to discuss your credit goals, and to help you take steps to improve your credit.
- Graduated from the Business Basics Course
- Met with a Ventures Business Coach and enrolled in Specialized Services
- At least 18 years of age
- Reside in Washington State
- Possess all required city and state business licenses
- Do not owe any back child support
- Not delinquent on any federal loans or taxes (without a repayment plan in place)
- Do not presently have an active bankruptcy
- Have a business checking account
Apply for a Credit Building Loan
Make sure you meet the prerequisites, then:
- Reach out to your Business Coach to learn about all the required documents and get the application form
- Submit your document packet
*This is a one-time nonrefundable application fee.