Eligible applicants must be small for-profit businesses (fewer than 250 employees, under $10M in revenue, and net worth under $2M), and are either currently located or planning to locate in one of the pilot communities by the end of 2027.
Retail businesses that sell or plan to sell in a brick-and-mortar format, including product-based (apparel, home goods, etc.), food & beverage (cafés, bakeries, breweries, grocers, etc.), or experience-focused (escape rooms, ax throwing, etc.).
No, but you must operate or plan to operate a brick-and-mortar store along with an online or social media selling presence. Current DTC brands are encouraged to apply to expand into a brick-and-mortar storefront.
Yes, graduates from the last 3 years can apply using their business plan, but the plan must meet current program standards or be revised.
Yes, an application fee of $295 is required upon acceptance. This covers the 14-week Certificate in Retail Operations (CROps) business education program (valued at $1,200) and a one-year membership of Retail Alliance (valued at $250) with full access to member benefits.
Yes, if selected, the required application fee will cover a one-year membership of Retail Alliance.
Yes, applicants must agree to participate in media promotions and allow their images and business branding to be used.
Ideally, applicants should have a minimum credit score of 680. Exceptions may be made, but they could require collateral or other mitigating factors.
Loan terms will be based on the amount borrowed and use of funds. Interest rates for your business loan may vary based on several factors, including your creditworthiness, your business’s financial history, and whether the loan is secured or unsecured. Applicants with stronger credit profiles and established business history may qualify for more competitive rates.
A checklist will be emailed to each business owner who is accepted into the pilot program. Applicants must submit a business plan with 3-year projections, current YTD business statements (Profit & Loss/Balance Sheet), Business/Personal Tax returns, Personal Financial Statement, and other relevant business licenses/documentation.
Ineligible uses include gambling, agriculture, marijuana-related businesses, environmental hazards, investment real estate, MLMs, technical services, and financial services and other professional service businesses. This is a retail-focused pilot program.
The maximum loan is $35,000.
Funds can be used for inventory, supplies, equipment, furniture, fixtures, vehicles, or leasehold improvements. It cannot be used for debt repayment or real estate purchases.
Yes. Any individual who owns 20% or more of the business must be willing to act as a personal guarantor for the loan.
The business plan must include monthly financial projections for the next three years. For example: If your business plans to move into its own space, the projections should clearly reflect how this move impacts expenses, revenue growth, and profitability.
It is a 14-week program. The class meets once a week for 2 hours VIRTUALLY, making the program accessible to participants regardless of their location.
To be considered for a business loan, participants must complete the initial program requirements, including the Certificate in Retail Operations (CROps) Program (if applicable) and a successful community engagement campaign. Loan applications will be evaluated based on submitted financials, a comprehensive business plan, and a readiness for growth.
- Overview of Business Plan
- Retail Accounting
- Marketing and Advertising
- Merchandising and Inventory Management
- Human Resources Management
- Loss Prevention and Security
- Business Planning (Business Plan & Pitch workshop)
Upon completion, participants will have a comprehensive understanding of retail operations and a usable business plan. This plan can be instrumental in seeking access to capital from financial institutions.