Credit-Building

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 offer Credit Building Loans and credit counseling for people who have a thin credit file (three or fewer lines of credit), no credit history at all, or want to build or improve their credit. Contact your coach so they can contact you with a Ventures Financial Advisor. During your first meeting, you can decide 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.

Loan Description

  • 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.

Prerequisites

Loan Requirements

  • 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
  • Complete the online application

Application fee

$15
*This is a one-time non-refundable closing feeÂ