Ready to invest in your business? The Credit Builder is a Secured Savings account that allows business owners to build personal and business credit and create savings for their business. The Credit Builder will give you access to financial and business coaching and prepare you for future financing. Learn more about how you can start saving and investing in the growth of your business.

 How does it work? 

• The account holder makes monthly payments into a Secured Savings account for loans from $500 – $1,000 for 12 months at a fixed rate of 2.00%.
• When approved, the loan closes and the funds are held in an escrow account for the life of the loan.
• The loan is reported to TransUnion, Equifax, Experian, and Experian Business credit bureaus.
• The account holder will complete a Financial Wellness Assessment at CommunityWorks.
• Following the final payment, CommunityWorks will send the amount saved and a 50% match on investment.

How do I qualify?

• Be a resident of the state of South Carolina.
• Own at least 20% of the business.
• Provide three months of personal bank statements (positive balances, no overdrafts or NSF fees).
• Don’t be involved in bankruptcy proceedings – chapter bankruptcies must be discharged for at least 18 months.
• Provide Personal Cash Flow Form (a secure online portal will be provided for financial information).
• Provide Verification of Personal Income (paystub, annual benefits letter, etc.).
• Provide three months of business bank statements, if available (business EIN number from IRS.gov is needed for a business bank account). An active business bank account is required.

If you have any questions, contact Edris Tucker, AFC® at 864-235-6331 ext 541 or at etucker@cwcarolina.org.