Credit Builder

A $2,500 line of credit features 0% interest and $0 closing costs; for applicants who have completed simple Coaching Activities

Closing Costs
$0

Credit
$2,500

Interest
0%

For many new entrepreneurs, access to capital isn’t enough. Access to expertise also matters.

Formerly called a Coaching Credit Loan, CDFI Friendly South Bend’s Credit Builder provides that connection to expert business coaching, and an opportunity to apply for a no-cost line of credit to build your business credit history.

  • New or established entrepreneurs who wish to begin building a credit history, and who may benefit from the assistance of a business coach when preparing their initial credit application. 

  • Entrepreneurs who have completed certain startup activities — such as creating a business plan or opening a business bank account — are usually positioned for greater success than those who have not. 

    This program, created by Allies for Community Business, identifies eleven important startup activities and pairs participants with a Business Coach to help complete them.

  • Once these simple Coaching Activities are completed, qualifying participants are then eligible to apply for a $2,500, 12-month loan or line of credit, with the closing costs and interest underwritten by CDFI Friendly.

    Participants may also continue working with their Business Coach to grow their business and potentially access additional funds.  

  • Business owners may qualify for the Credit Builder Loan upon completing these activities. (Owners of an existing business may already have some of these done!) Coaching may be done virtually to provide flexibility for busy entrepreneurs.

    • Establish business goals

    • Establish personal financial goals

    • Define your products

    • Price your products

    • Create a business plan

    • Create a financial forecast

    • Register your legal structure

    • Secure your business license and required certifications

    • Establish a separate business bank account

    • Manage your books using online software

    • Purchase business insurance

  • Contact us to learn more, and schedule your first Business Coach session. 

Credit Builder Loan (formerly Coaching Credit Loan) brochure - PDF