BUILD Alumni 3C Funding:
Capital, Credit-building, Contribution
BUILD Institute established the BUILD Alumni 3C Funding program in collaboration with our partner, Michigan Women Forward, a progressive local lender. Their mission and vision are aligned with ours at BUILD Institute which is to bring funding to micro-entrepreneurs who do not always have access to their funding needs. This loan aims to empower our alumni with the capital they need to launch their entrepreneurial dreams.
We have designed this loan so that the fusion of foundational information, along with the loan, and a grant for a portion of the repayments, will empower our entrepreneurs so that once they complete this loan program they will be equipped to launch and navigate future funding options.
The 3 Cs of BUILD’s Alumni Funding
1. Capital
An accessible loan of up to $10,000.
2. Credit-Building
This loan is open to start-ups and businesses with low credit scores, first two years of on-time repayments will boost a business’ credit score.
3. Contribution
BUILD Institute will grant borrowers the 3rd year’s repayment meaning that the borrower will not have to repay 1/3 of the loan if they make year 1 and 2 repayments on time. This supports and incentivizes credit building and gives you the track record to prove you are qualified for your next loan. Take advantage of this funding opportunity to grow the business of your dreams!
About BUILD Alumni 3C Funding
Loans Up To $10,000
3% Interest
BUILD Alumni Only
3 Year Terms
1/3 Payments Free*
Location Anywhere
Years In Business Any
Credit Builder
Terms:
- Loans up to $10,000
- 3% interest
- $0 loan fees 3 year/36 month repayment period
- *If all year 1 and year 2 repayments are made on time, year 3 repayments will be forgiven (as in a whole year of repayments will be paid off for you)
- Businesses are not restricted based on location, businesses anywhere in Michigan are qualified to apply
- Businesses can be startups or established, no number of years in business required
- Open to businesses with low credit scores, can be used to build credit
Loan Criteria
Financial Projections
3 Years Tax Returns
Business Plan
Business Bank Account
Certificate from LARA
Historical Financial Statements
Personal Identifications
3 Months Bank Statements
You will need:
- Financial Projections (be as specific, researched, and detailed as possible)
- 3 years of tax returns (these can be personal tax returns if your business has not been around 3 years)
- Business Plan
- Business Bank Account
- Certificate of Good Standing from LARA (Michigan Department of Licensing and Regulatory Affairs)
- Historical financial statements (if the business is established)
- Personal Identification (such as a Driver’s License or State ID)
Qualifying Businesses:
- Start-up businesses
- Established businesses
- BUILD Institute Graduates
Non-Qualifying Businesses:
- Academic institutions
- Multilevel marketing/pyramid sales
- Lending and investment institutions
- Cannabis-related businesses
Loans Can Be Used For:
- Business start-up costs
- Inventory
- Equipment Bookkeeping/Legal Fees
- Marketing
- Rent
- Payroll Certifications
- & more
Loans Cannot Be Used For:
- Prior expenses
- Repayment of other loans or capital contributions
- Investments
- Real Estate purchases
- Payments or distributions to founders, principals, owners or affiliates of the company
Loan Timeline
Prepare
Complete initial loan screening on BUILD Institute website to verify you have all your documentation ready.
Apply
Complete the full loan application form on MWF website with the documentation you’ve prepared
Answer
Answer any questions, provide any additional information needed as the underwriting team reviews your application
Sign
Come to BUILD Institute HQ, sign loan closing papers and make it official!
Spend
Use loan funds to pay vendors
Year 1
Repay loan payments on time each month for one year
Year 2
Repay loan payments on time each month for year two
Grant
Receive the third year’s payments for free. Your debt is cleared (if all year 1 and year 2 payments were made on time).
Need Help?
If you have questions or need assistance email [email protected] or RSVP for free office hours with our Capital Access Manager to get 1:1 support.