Aspen is a place for leaders to lift their sights above the possessions which possess them. To confront their own nature as human beings, to regain control over their own humanity by becoming more self-aware, more self-correcting, and hence more self-fulfilling.

Walter P. Paepcke, Aspen Institute Co-Founder

Asset Building through Credit

Many microentrepreneurs have “thin file” or slightly impaired credit histories that make it challenging for them to access business loans. The Asset Building through Credit (ABC) Pilot Program examined how a secured credit card, teamed with credit education, can help entrepreneurs build their credit and business.

Many microentrepreneurs have “thin file” or slightly impaired credit histories that make it challenging for them to access business loans. When properly managed, secured credit cards are a good tool for building credit. BOI’s Asset Building through Credit (ABC) Pilot Program examined how a secured credit card, teamed with credit education, can help entrepreneurs build their credit and business. With the financial support of the Citi Foundation, BOI teamed up with Justine PETERSEN — a leader in microenterprise development and credit building — to help five microenterprise organizations offer a Citi/Banamex secured card, accompanied by credit education, to microenterprise clients to explore the following questions:

  • Do secured cardholders build credit and progress towards their business goals?
  • Does offering a secured card help microenterprise organizations build scale?
  • Can microenterprise organizations sustain the delivery of the secured card?

BOI worked with the participating organizations to collect data to inform these questions. Our findings are shared in a set of publications, videos, and an infographic that describe how entrepreneurs benefited from the card and document effective practices for organizations interested in offering a secured card as a credit-building tool.

We are grateful to the Citi Foundation for their support of this work.

Publications

Asset Building through Credit Pilot
Publications

Asset Building through Credit Pilot

This paper presents the first set of findings from the Asset Building through Credit Pilot program, a demonstration that explored the use of secured credit card, teamed with credit coaching, as a tool to help entrepreneurs to build their credit.

Client Gains in Credit Scores and Financial Capability
Publications

Client Gains in Credit Scores and Financial Capability

The second publication in this series highlighting the findings from the Asset Building through Credit Pilot details the outcomes of 385 secured cardholders in terms of credit scores and financial behaviors.

Building a Sustainable Business Model
Publications

Building a Sustainable Business Model

The third and final publication from the Asset Building through Credit pilot explores how to sustain delivery of a secured credit card teamed with credit coaching.

Asset Building through Credit – Credit Scores + Financial Behavior
Publications

Asset Building through Credit – Credit Scores + Financial Behavior

Outcomes on credit scores and financial behaviors of microentrepreneurs who used a secured credit card.

Videos

Asset Building through Credit – Episode 1: Intro to the Lean Canvas
Videos

Asset Building through Credit – Episode 1: Intro to the Lean Canvas

We explain what the Lean Canvas is and how it can help microenterprise organizations develop a successful business model for their secured card program.

Asset Building through Credit – Episode 2: Defining Deep Customer Problems
Videos

Asset Building through Credit – Episode 2: Defining Deep Customer Problems

We explain how microenterprise programs can go from a general idea of how they help their customers to a specific and clear understanding of their secured card customer needs.

Asset Building through Credit – Episode 3: Our “Aha” Moments about Costs
Videos

Asset Building through Credit – Episode 3: Our “Aha” Moments about Costs

We examine the costs that microenterprise organizations took on in the pilot program and how they could reduce costs in the long-term.

Grantees

Capstone Community Action

Formerly the Central Vermont Community Action Council

Champlain Valley of Economic Opportunity

Latino Economic Development Corporation

Mission Economic Development Agency

Pacific Asian Consortium in Employment

Women’s Brooklyn Enterprise Center

Part of the Local Development Corporation of East New York

About the Business Ownership Initiative

The Business Ownership Initiative, an initiative of the Economic Opportunities Program, works to build understanding and strengthen the role of business ownership as an economic opportunity strategy.

About the Economic Opportunities Program

The Aspen Institute Economic Opportunities Program advances strategies, policies, and ideas to help low- and moderate-income people thrive in a changing economy.

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