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Start-Up Business Loan

Finding the money to finance a startup is one of the toughest tasks a new business owner can face. Many financial institutions generally don’t lend money to businesses without an abundant credit history, a proven track record of at least two or three years, and/or an owner’s equity stake in the business. While you may have an extraordinary idea for a business and even a solid business plan, working with a business mentor is required before applying.

Loans are available up to $10,000 at 4.00% interest rates! Businesses must be in Connecticut, Florida, Maine, Massachusetts, New Hampshire, New York and Rhode Island.

Before you Apply

Before you apply for a startup loan with Ascendus, it’s important you are aware and prepared. Please review our requirements carefully:

  • FICO score of 575 or higher
  • No more than $3,000 in unpaid / past due debt
  • Any bankruptcy must be discharged/dismissed for more than 1 year
  • Any foreclosure must be resolved for more than 2 years
  • Business must be home based
  • Business must be currently registered
  • Must have a full or part-time job for at least 6 months and be able to provide the 2 most recent paystubs
  • Business plan with financial projections focusing on break even points, ramp up costs, and a plan to transition out of full time income is required

Business plans and financial projections should be reviewed by a community organization in order to qualify. Ascendus works closely with community organizations like your local Small Business Development Center (SBDC) or SCORE to help you prepare to start your business.

Please use the SBDC or SCORE locator to find a mentor near you. Please save and include your mentor’s contact information to be included in your application when you apply.

The process was easy and very convenient, it was perfect.

The experience of working with Ascendus was awesome, particularly the excitement they showed in my progress and in my business.

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