The CARE Fund

The CARE Fund supports Black-owned businesses in the Dallas-Fort Worth area by providing financial resources to help expand operations.

This strategic investment is part of the Cummins Advocating for Racial Equity (CARE) economic empowerment initiative aimed at fostering economic growth for Black entrepreneurs in low-to-moderate income areas, particularly in Dallas, Texas.

• Loan amounts from $5,000 to $125,000

• Loan terms: 36 to 60 months

• Interest rate: 7%

• Terms are subject to change

To further support entrepreneurs, AltCap is working with EqALL, which provides entrepreneurs with educational resources, guidance, and one-on-one coaching.

Anyone seeking technical assistance (i.e. business coaching or business development opportunities) must first complete the loan application. In the application, you will find an opportunity to express interest in technical assistance programs. Technical assistance is available whether you qualify for a loan or not.

- Origination fee of 5%.

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

- 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.

Click the Start Application button below to start a loan application with AltCap.

For more questions, contact Texas Market President Shaundra Jacobs at sjacobs@altcap.org or fill out the form below.

Born from Cummins’ leadership introspection and dialogue during the transformational period of 2020, this initiative is our response to the systemic inequities revealed through conversations with our employees and community members.

These discussions revealed the deep, personal ways in which systemic issues affect our colleagues and neighbors. With these insights, we understood that it was not solely the actions of individuals but the pervasive nature of these structures that needed to be addressed.

Embracing our collective talents, resources, creativity, and determination, we are committed to dismantling these barriers.

• Ensure your financial statements are up to date, accurate, and clearly reflect an understanding of your business operations.

• Craft a detailed and well-supported plan for how you will use the funds. This should include the projected return on investment, whether through potential revenue growth or operational efficiencies.

• Prioritize building relationships with your lenders by maintaining open communication and demonstrating a track record of reliability — this can significantly enhance your chances of loan approval.

• Explore all your options, whether they involve traditional bank loans, SBA loans, or specialized industry-specific funding programs.

• Maintain liquidity and reduce existing liabilities whenever possible to improve the overall financial health of your business and make it more attractive to lenders.