Financial Wellness

The Fountain Fund

The Fountain Fund increases economic opportunities for formerly incarcerated people to improve their lives and remain in their communities. They provide low-interest loans and financial coaching to formerly incarcerated people, helping them build credit and achieve their self-determined goals. This includes loans for those seeking to start their own business.

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Start Small Think Big

We help under-resourced entrepreneurs build businesses in underserved areas so owners can increase their personal financial security and stimulate economic activity in their communities.
8 W. 126th Street, 3rd Floor
New York, NY 10027
What to expect: Financial, marketing and legal support. They help in house or support you by referring you to subject matter experts.

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Baltimore Community Lending

This lender Provides loans which are designed to promote entrepreneurship in underserved communities in Baltimore. They offer emerging loans of up to $50,000 for startups with a loan term of 3-6 years. They also offer growth loans of up to $150,000 for companies that have been in business for at least two years. The loan term is 5 to 10 years.The interest rate is 7.25% to 9.25% for both emerging and growth loans.They also offer a special loan rate of 3% for hair salons, barbershops, childcare centers, and arts-based businesses in partnership with Wells Fargo. They are unable to accommodate restaurants at this point.

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1863 Venture Fund

The goal of this organization is to provide support to minority entrepreneurs in the form of business education and mentoring in areas including marketing, sales, and financial management.

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The National Community Reinvestment Coalition Community Investment Fund

The goal of this organization is to increase the flow of private capital into traditionally underserved communities. Their Community Investment Fund is designed to reduce the racial wealth gap by providing funding for entrepreneurship and low-income housing.
https://www.communitydevelopmentfund.org/lending/
They offer the following loans for low-income entrepreneurs:
They provide microloans of $50,000 or less.
They also provide small business loans of $50,000 to $275,000
They also provide loans for green impact businesses of an unspecified amount.

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The Latino Economic Development Center Credit Building Loan

They offer the following loans:
A credit building loan which is between $500 and $2,500 and has a 0% interest rate and 36 monthly payments. They also offer personalized financial education along with the loan.
They also offer SEED Loans of less than 5K for companies that have been in operation for less than a year or with plans to launch within 3 months of getting funded. This loan is offered at 0% interest for up to 36 months.
In addition, they also offer a startup loan of up to 20K with an interest rate of 6.5% and for 60 months for companies that have been in business for less than 2 years.
They also offer a loan of up to 250K for growing companies of up to 120 months and an interest rate of 6.5% ore more for companies that have been in business for at least 2 years and are looking to expand.

Read More: The Latino Economic Development Center Credit Building Loan

Office of Veterans Business Development (OVBD)

The OVBD facilitates the use of all U.S. Small Business Administration (SBA) programs by veterans, service-disabled veterans, reservists, active-duty service members, transitioning service members, and their dependents or survivors. OVBD oversees Veteran Business Outreach Centers (VBOC), which are designed to provide entrepreneurial development services such as business training, counseling and resource partner referrals. The SBA has 22 organizations participating in this cooperative agreement and serving as Veterans Business Outreach Centers (VBOC).

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SCORE

SCORE, the nation’s largest network of volunteer, expert business mentors, is dedicated to helping small businesses get off the ground, grow and achieve their goals. Since 1964, SCORE has provided education and mentorship to more than 11 million entrepreneurs. SCORE is a 501(c)(3) nonprofit organization and a resource partner of the U.S. Small Business Administration (SBA).

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