The Credit Builder Secured Savings is for business owners looking to:
- Build both personal and business credit
- Create savings for their business
- Generate a return on your investment
- Prepare for future financing
- Access both Financial and Business Coaching (FREE)
How does it work?
- If approved, we will close the loan and hold the funds in an escrow account for the life of the loan.
- You make monthly payments into a Secured Savings account for loans from $500 to $1,000 for a full 12 months at a fixed rate of 2.00% based on room in a household budget for a savings payment.
- We report your loan to TransUnion, Equifax, Experian, and Experian Business credit bureaus.
- You will complete a Financial Wellness Assessment with our certified financial coach.
- Following your final payment, we will send you the amount you’ve saved, including a 50% match on your investment.
How do I qualify?
- Be a resident of the state of South Carolina.
- Be a business owner of at least 20% of the business.
- Provide 3 months of personal bank statements (positive balances, no overdrafts or NSF fees)
- Provide 3 months of business bank statements, if available (Free Business EIN number from IRS.gov is needed for a business bank account). An active Business bank account is required.
- Provide Personal Cash Flow Form (We have a secure online portal for your financial information)
- Provide Verification of Personal Income (paystub, annual benefits letter, etc.)
- Don’t be involved in any bankruptcy proceeding – any chapter bankruptcy must be discharged for at least 18 months
If you have any questions, contact Edris Tucker, AFC® at 864-235-6331 ext 541 or at etucker@cwcarolina.org.
