The lack of a solid credit history is the main obstacle that many small businesses face when in need of capital to finance their operations. Now, the nonprofit organization Allies for Community Services (A4CB) in Chicago allows them to access a loan, regardless of that factor.
“As a mission-driven nonprofit organization, we differentiate ourselves from other lenders by not considering credit scores or the value of personal collateral when evaluating loan applications,” the entity said in a statement.
For A4CB, what really matters is understanding “how well business owners have managed their debts over the past two years and how much cash they have available to make the monthly loan payments.”
The organization also explained that it offers “term loans and lines of credit ranging from $500 to $100,000 to startups, emerging businesses, and established companies in Illinois and Indiana.” At the same time, it noted that its “interest rate is 9%, slightly above the current prime rate.”
As stated on its website, A4CB “provides the capital, training, and connections that entrepreneurs need to build great businesses that create jobs and wealth in their communities.”
If you are a small business owner and want to take advantage of the financing opportunities offered by this organization, visit their website at www.a4cb.org, email them at [email protected], or call them directly at (312) 929-1952.