Anne-Marie Saint-John, Alva, Long Island City, NY >
New York, NY (Thursday, December 15, 2022) – Today Ascendus announced the launch of certified credit counseling through Master Training accreditation with the Credit Builders Alliance. Ascendus was one of four CDFI’s represented in Credit Builders Alliance certification this year, with staff representing one of only 70 Master Trainers in the USA. This certification allows Ascendus to provide tailored Credit Coaching solutions for low- to moderate-income communities and communities of color.
Credit Coaching will be available broadly to clients, as well as through the new Ascendus Get Ready Line of Credit Program, which focuses on providing credit development for Black and African American entrepreneurs in New York City. The Get Ready Line of Credit Program provides an initial $500 line of credit that grows to $5,000 within 6 months. Ascendus expects 80% of “Get Ready” borrowers to improve their FICO credit score by 30 to 50 points and 50% to graduate and successfully grow their credit line to $5,000.
“The most significant obstacle to accessing capital for small business owners is limited, damaged, or poor credit. Credit Coaching from Ascendus will allow clients to overcome that obstacle through training on credit building, debt management tailored to long-and short-term goals, prioritizing debt repayment, budget assessment, and assessment for current credit building programs,” VP of Lending at Ascendus.
The program launches today and will be available on demand through 2023. Ascendus expects 50 clients to participate in the program in the inaugural year. For more information about the program, visit the Ascendus website.
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About Credit Builders Alliance
Credit Builders Alliance serves as a bridge between equity-focused nonprofits and the credit industry to unlock credit as an asset for all. CBA offers technical services such as access to credit reports and credit reporting, access to capital through their CDFI intermediary, CBA Fund, and capacity building for nonprofits and practitioners.
About Ascendus
Ascendus has a bold vision of financial ascension for all. Our mission is to empower low-to-moderate income business owners with access to capital and financial education. Since our inception over 30 years ago, we’ve dispersed $300 million in capital to 36,000 small business owners – primarily BIPOC, women, and immigrants.