Ascendus Expands Get Ready Program for Small Business Owners

Ascendus, a mission-driven Community Development Financial Institution (CDFI) with over 35 years of experience empowering small business owners, has announced the expansion of its Get Ready program, which now supports 480 small business owners and unlocks an estimated $4.2 million in graduated capital. The program, which began in 2023, aims to address the fundamental challenge faced by many small business owners: the need for credit to build credit, but the exclusion from conventional lending systems due to lower scores or limited credit histories.

The expansion of the program, which was announced on September 16 during the Getting Ready to Grow event at MetLife’s headquarters in New York City, will see the opening credit line increased from $500 to $1,000, and the graduation line raised from $5,000 to $25,000. Participants who successfully complete the program will be able to access lines of credit up to $25,000, a fivefold increase from the current $5,000 graduation line. The new program will serve 480 entrepreneurs, providing them with access to capital levels more aligned with traditional microloan products.

The program, which combines a small revolving line of credit with individualized credit and debt coaching, has enrolled 174 business owners across 20 states. Research conducted by the Urban Institute found that participants entered the program with an average credit score of 571, below the threshold typically used by many lenders. Despite this, most borrowers remained in good standing, and many successfully advanced to larger lines of credit.

MetLife Foundation has supported Ascendus in helping the organization expand access to capital and financial coaching for entrepreneurs. Funding from the Foundation in 2023 supported the launch of the Get Ready pilot and the research that continues to evaluate its effectiveness.

Ascendus, an organization with a deep local impact and national reach, has delivered over $435 million in financial support to more than 62,000 entrepreneurs, many from historically overlooked communities. The expansion of the Get Ready program is a testament to Ascendus's commitment to empowering small business owners and driving economic mobility.

The Get Ready program, which was initially launched as a pilot, has now been scaled to serve more entrepreneurs, providing them with access to capital levels more aligned with traditional microloan products. The expansion of the program and grant from MetLife Foundation are expected to have a significant impact on the lives of small business owners, enabling them to achieve their financial goals and contribute to the broader economy.