Through GroundFloor, LiftFund finalized a new and innovative product, the Promise Loan, which uses qualitative measures such as business skills, integrity and perseverance, and basic cash flow knowledge to access a loan of up to $5,000.
Through this new program, LiftFund has been able to provide capital to almost a third of applicants that would have otherwise been denied a more traditional loan.
LiftFund, formerly known as Accion Texas Inc, is a nonprofit that provides micro and small business loans to aspiring and established business owners who are not able to access capital through traditional financial institutions.
Microfinance was founded internationally and has been part of the solution for self-employed and small business owners in accessing capital in the U.S. since 1994. LiftFund’s mission is to provide credit and support to entrepreneurs and to be an innovator in their industry; they are considered the largest microlending institution in the nation and are committed to helping more through new product design.
This new loan product is an example of LiftFund’s commitment to combating poverty through entrepreneurship and asset building.
OUR WORK: GroundFloor provided $35k in seed funding and mentoring to support translating the Promise Loan from an spreadsheet to a digital tool that could be launched across their networked and licensed to Community Development Centers around the country.Visit LiftFund online!