Overview

The Bread Bakers Guild of America is partnering with Walden Mutual Bank to offer the Seedlings Loan Readiness Program – a program designed to address longstanding systemic inequities of opportunity in conventional credit offerings. In this program, rather than relying on traditional “shorthands” for character (namely FICO scores and personal credit histories), Walden Mutual relies on the demonstrated commitment of the borrower, as measured by character references (including endorsement from their peers) as well as their commitment to, and participation in, the program.  In particular, the program targets underserved emerging food, agriculture, and related businesses who are just starting to build their credit histories.

The program consists of an in-depth 8-month cohort-based (6-8 participants) facilitated program, designed to produce comprehensive cash flow projections and prepare participating businesses for a traditional banking relationship.

Objectives

Program participants will have the opportunity to apply for a below market rate loan from Walden Mutual – and they’ll be better prepared to “speak the language” of financial stakeholders. This program provides broader education – connecting the participants’ entrepreneurial passion to business fiscal literacy and how it relates to operational improvements.  The program’s “curriculum” consists of live case studies and development of the businesses' cash flow statements and forecasts.

What You Get

✓  A cash flow forecasting tool: a well-developed and thoroughly reviewed cash flow spreadsheet

✓  Pre-launch virtual meetings - May 4 & May 11: assignments of work and Q&A to prep for kick-off  

✓  Kick-off: 3-day camp - May 26, 27 & 28, in-person in New York City  (hosted by the Guild) 

✓  Half-day workshop - June (TBD), in person in New York City

✓  Ongoing: 6 monthly virtual meetings (dates to be determined by the cohort participants)

✓  Ongoing: monthly open “office hours” with facilitator and/or Walden Mutual team 

✓  Half-day workshop and celebration - January (TBD) in-person in New York City

Program Eligibility

• You have a food, agriculture, or related business
• Your annual gross revenue is at least $30,000 but not more than $400,000 (recommended)
• Your business is a full-time endeavor, or you have a well-defined path in place to your business becoming one in the next 12 months

Application Process

Apply

You'll fill out an application here, and provide current financials (last year's profit and loss statement, and balance sheet). Applications are due by Monday, April 13.

Review

The Guild and Walden Mutual review each application for fit with the program's objectives.

Interviews

A subset of applicants may be selected for 15-minute virtual interviews.

Decisions

Application decisions will be delivered no later than April 30th.

Still have questions?  Drop us a line at info@bbga.org

or join our information session on March 17 at 3 pm ET.