We are pleased you have an interest in bringing your business idea to Habitat for Neighborhood Business (HNB); hopefully the two of us can help restore economic vitality and provide positive role models in the neighborhood while giving you the opportunity to fulfill your dream to own and operate your own business. Because we are prepared to make an investment of consulting/guidance and rent subsidies in your business, there are things certain things we ask that you do to remain a part our program. Listed below is an outline of our development program and our expectations. As you move through the program, the two of us will work closely to accomplish all of these tasks. If you fall behind, we will work with you to catch up – but reserve the right to either place your situation “on hold” or remove you from the program.
APPLICATION PHASE
Prior to completion of an application, you will interview with a member of the HNB team to determine if:
- the business is suitable to the HNB mission
- you have done some initial research on the product/service, market, customers, and have determined many of the keys to success
- you have computed what your start-up expenses will be and have at least 25% of that amount in cash or equivalent to qualify for a loan if needed
If it is determined that there is not a match between you and our program, we recommend that you continue to pursue your business idea with a representative of the Small Business Development Corporation.
Our process will include a personal interview, a completed application accompanied by:
- a completed credit report, and
- your permission for HNB to access your personal background records and credit information and evaluate both
If the information on the application, credit and background are all acceptable, you will be conditionally accepted into the HNB program.
If your credit is insufficient for our program and we believe improvements can be made within a reasonable time frame we may offer partial financial assistance, if needed, for a credit coach. Generally, it will take up to six months for your corrective actions to reflect in your credit scores.
