Step Up

STEP UP is the second step in the program where the borrowing and payoff experience from STEP IN is used to assist the business owner in entering the American banking system. This will provide the business owner access to a slightly larger loan backed by their repayment history from the first loan and partially secured by the savings generated from that endeavor.

This second step helps provide stability for business growth by taking money out of the business to pay for raw materials while setting some profits aside to create a savings account for the business owner.  The successful business owner realizes a conventional credit history which will allow for subsequent loans.

In this STEP UP phase, Bootstrap America will approach banks, savings and loan associations, and other non-profit organizations to assist the business owner in obtaining a traditional loan.  

The new loan amount is expected to be double or triple the amount of the previous loan and will carry traditional loan and interest charges.  In this phase, additional business, management and financial training will be provided to the business owner by Bootstrap America and/or its volunteer mentors.