NeighborWorks Housing Solutions is here to help start and grow small businesses in our local community.
We have access to funding that will put loan opportunities into the hands of start-up businesses as well as companies that want to grow.
FACT: Most small businesses are not eligible for commercial loan funding until they have been in business for 2 years.
We are offering funding of up to $50,000.00 to qualified small business owners. Qualification means going through our small business program, Building A Better Business. It is a three part series that covers all the qualifications for starting or growing a business. This program is a step-by-step process for creating a working business plan from research and analysis to marketing and financial projections. Upon completion, you will understand whether you are ready to go into business or you need to work on your idea or concept. If issues arise, we will help you work through them. This is a team approach to a successful business plan.
Our goal is to help get you into business and know your plan will keep you in business.
Before you sign up for small business classes, here are some frequently asked questions :
What is the Building a Better Business program?
It is a 3 part series of 2-hour classes that help prepare you to go into business. These classes will help you build a working business plan that will give you the answer to : ”Am I ready to go into business?”
What does it cost to take the classes?
These classes are FREE.
What if I miss a class?
You can make up your class during the next session of classes.
When are the classes?
They are the second, third and fourth Tuesday of every month from 6 PM to 8 PM. You will take the series in the designated 3 weeks.
How many people are in each class?
We would like to keep them small and interactive so we will have 15 people per class. We also want to create a group that can collaborate after the classes end.
Are the classes in-person or online?
With COVID, we will begin online. The registration form will give additional information on whether there will be a physical location for those who want to meet in-person.
Do I automatically get a loan if I go through the classes?
No. Unfortunately, you must provide a viable business plan, along with all financial and loan requirements. Our goal is to get your plan fundable.
Who is eligible for the loan?
- For-profit, Brockton based businesses
- Start-up or existing business
- Loans are not intended for refinancing
- First priority for the program is loans to minority, women-owned and veteran owned businesses
How does the loan program work?
The loans are available to deserving businesses along with information, education, resources and tools to help small businesses succeed. NeighborWorks Housing Solutions administers the Loan Fund with responsibilities including:
- Overseeing applications with the Bank Group of NeighborWorks
- Processing credit decisions and disbursement
- Handling loan administration
What are the loan rates?
- Targeted at Prime +3% fixed at time of closing
- 3, 5 or 7 year term loans
- Advances under the program not subject to prepayment fees
Do I get any credits or money towards my business or loan, if I attend?
At this time, we are putting together a “Pitch Contest” for those who complete the program. We are looking at prize amounts and will announce them at the end of the program.
What if I am already in business, can I still take the classes?
Yes, this class is for businesses in start-up and growth phases.
Can I just take the class even though I don’t want a loan?
Yes. We want to help you build a solid business plan for when you might need funding.
Should I take the class if I’m thinking of starting a business?
Yes. This is a great class for helping you put all your ideas in one place and developing a strategy for whether you should or shouldn’t go into business.
Can I take the class if I’m not opening a business in Brockton?
Yes, but please remember, you wouldn’t be eligible for the loan program unless you are starting, growing or relocating a business in Brockton. In time, we will have loan opportunities for the communities that NeighborWorks service : Fall River, Kingston, New Bedford, Plymouth, Quincy, and Taunton.
Do you offer translation services?
They can be provided as needed.
Are you offering any additional business classes?
Yes. We are putting together a series of marketing programs to help small businesses understand the importance of marketing from branding and website to social engagement and advertising. These classes will also be FREE.
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Or find more information on our Upcoming Events or Facebook Business Page.