Building Prosperity: Loans for Contractors

This program provides loans to help MBE and WBE contractors in the Kansas City metro area grow by increasing their access to capital. It also provides access to business development services so contractors can bid and perform on more projects.

TERMS

• Loan sizes range from $10,000 to $100,000.

• Interest only payments at 12%. We may require periodic principal payments.

• Loans terms up to and not exceeding 12 months.​

• Loan to contract values of 80%.

FEES

• Monthly $15 servicing fee on all loans to cover administrative costs.

• 5% loan origination fee.

• Other fees may include UCC filings, vehicle lien filings, or title recording fees.

Applicants will need:

• Proof of license, insurance, and that your business is in good legal standing.

• Schedule of work and payment schedules at underwriting.

• You need to sign an agreement if you are entering into a Technical Assistance partnership.

Personal Documentation

• Two forms of ID (each signer) – One with a picture other with a name only

Business Documentation

• Business Plan (if the business is under one year in operation)

Applicants with existing businesses will also be required to submit (if applicable): tax forms, financial statements, and organizational documents.

Financial Documentation

• Two years of personal tax returns including all schedules and 1099s

• Income Statement, Balance Sheet, and Cash Flow Statement (projections)

• Business Debt Schedule

• Last three months of personal and business bank statements. Startups should provide a business plan and financial projections in lieu of historical financial statements.

Si necesita un préstamo para pequeñas empresas y necesita ayuda en español, comuníquese con Karina Lopez al (833) 549-2890 o karina@altcap.org.

Small business owners who have questions about the process should contact a Business Development Officer at info@altcap.org or (833) 549-2890.

If you are ready to begin the process, select the Apply button below and follow the directions to submit Application Part 1.

If you have an existing AltCap loan and have questions about your loan terms or if you need to update your information, please contact Viva Young at 816-269-7809 or viva@altcap.org.

If you need to make a payment on your existing AltCap loan, please contact Viva Young at 816-269-7809 or viva@altcap.org.