Frequently Asked Questions
1.Who is eligible to apply for this program?
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 2026.
2. What types of businesses does the Retail Alliance Pilot Program support?
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.).
3. Do I need a physical storefront to qualify?
No, but you must operate or plan to operate a brick-and-mortar store along with either an online or social media selling presence. Current DTC brands are encouraged to apply to expand into a brick-and-mortar storefront.
4. Can past Certificate in Retail Operations (CROps) graduates apply?
Yes, graduates from the last 3 years can apply using their business plan, but the plan must meet current program standards or be revised.
5. Are there costs involved to be part of the program?
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.
5. Do I have to become a member of Retail Alliance?
Yes, if selected, the required application fee will cover a one-year membership of Retail Alliance.
6. Will my business or personal image be used in promotions?
Yes, applicants must agree to participate in media promotions and allow their images and business branding to be used.
7. What credit score do I need to qualify for the loan?
Ideally, applicants should have a minimum credit score of 680. Exceptions may be made, but they could require collateral or other mitigating factors.
8. What are the loan terms and interest rates?
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.
9. What documents are required for the loan application?
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.
10. What businesses or uses are NOT eligible?
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.
11. What is the maximum loan amount I can receive?
The maximum loan is $35,000.
12. What can the loan be used for?
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.
13. Do I need to personally guarantee the loan?
Yes. Any individual who owns 20% or more of the business must be willing to act as a personal guarantor for the loan.
14. What kind of financial projections are required in the business plan?
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.
15. What is the time commitment to attend the Certificate in Retail Operations (CROps) program?
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.
16. What is NuMarket, and how does it support my business during the pilot program?
NuMarket is a crowdfunding platform that helps small businesses raise funds by engaging their local communities. Through this platform, businesses offer future store credit or rewards in exchange for upfront support. For pilot participants, NuMarket provides a structured 30-day campaign to build visibility, generate capital, and validate demand—all essential steps toward long-term success and loan readiness.
17. What are the fees associated with using NuMarket?
For participants in the Retail Catalyst pilot program, NuMarket has discounted their standard transaction fee to 9%. This fee covers platform use, campaign setup, and ongoing support to help ensure your campaign’s success. There are no upfront costs; the fee is applied only to funds successfully raised.
18. How do I qualify for a business loan through ABNB as part of the pilot program?
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 30-day crowdfunding campaign via NuMarket. Loan applications will be evaluated based on submitted financials, a comprehensive business plan, and a readiness for growth.
19. What topics are covered in the Certificate in Operations (CROps) program?
- Startup (Business Plan/Taxes/Formation)
- Retail Accounting
- Marketing and Advertising
- Merchandising and Inventory Management
- Human Resources Management
- Loss Prevention and Security
- Business Planning (Business Plan & Pitch workshop)
20. What are the benefits of completing the Certificate in Retail Operations (CROps) program?
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.
