BUILDcap: Loans for Contractors

BUILDcap is AltCap’s dedicated loan fund to increase access to capital to minority and women contractors (MBEs & WBEs). The loan fund is specifically focused on making capital more accessible to small contractors who are not able to obtain a loan from a bank or want an alternative to a hard money lender or other high-interest financing option (e.g., credit card)

As part of the BUILDcap loan application process, MBE and WBE contractors will have access to technical assistance resources and business advisory services to ensure they are “loan ready.”

Anyone seeking technical assistance (i.e. business coaching, business development opportunities) must first complete the loan application. Technical assistance is available whether you qualify for a loan or not.

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%.

• Must be certified or seeking MWBE minority certification

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.

• 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.

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 four 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 Start Application button below and follow the directions to submit your application.

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.