Ascendus gets $1M MetLife Foundation grant to scale credit-building program

Ascendus is expanding its Get Ready program with a $1 million grant from MetLife Foundation, a move designed to help more small business owners build credit and access larger loans. The five-year expansion will reach 480 entrepreneurs and raise graduation credit lines to $25,000 starting in 2027.

Why it matters: - The expansion gives more small business owners a path to capital when traditional lenders reject applicants with limited credit histories or lower scores. - The program is designed to turn small credit-building steps into access to larger loans and broader economic mobility. - Ascendus estimates the five-year expansion will unlock about $4.2 million in graduated capital.

What happened: - Ascendus announced a $1 million grant from MetLife Foundation to expand Get Ready, its credit-building program for small business owners. - The announcement took place Sept. 16 at MetLife's headquarters in New York City during an event titled Getting Ready to Grow: How Small Capital Drives Economic Mobility. - The expanded program will support 480 small business owners over the next five years. - Beginning in 2027, graduates will be eligible for credit lines up to $25,000, up from the current $5,000 graduation line.

The details: - Get Ready launched in 2023 to help entrepreneurs who need credit to build credit. - Participants receive a small revolving line of credit, one-on-one coaching, debt management support and personalized action plans. - The program does not require a minimum personal credit score for eligibility. - Borrowers co-create an action plan with a program manager covering credit building, debt management, repayment priorities and budgeting. - At a three-month review, steady use and progress can raise a participant's limit and open access to larger Ascendus loans. - The program has enrolled 174 business owners across 20 states. - Urban Institute research found participants entered with an average credit score of 571, below the threshold many lenders use. - The research also found most borrowers stayed in good standing and many advanced to larger lines of credit. - The next phase will raise the opening credit line from $500 to $1,000 and the graduation line from $5,000 to $25,000. - Ascendus said those levels are more in line with traditional microloan products.

Between the lines: - The grant signals that MetLife Foundation is backing a model that pairs small amounts of capital with coaching instead of relying on credit-score screens alone. - The program's early results suggest that structured support can help borrowers who are often shut out of mainstream financing. - Ascendus is using the pilot's research and borrower outcomes to justify scaling the model nationally.

What's next: - Ascendus will roll out the expanded Get Ready program over the next five years. - New participants will start seeing the higher $1,000 opening line in the next phase. - Graduates will begin qualifying for the $25,000 line in 2027. - MetLife Foundation will continue supporting Ascendus through grant funding tied to access to capital, financial coaching and ongoing evaluation of the program.

The bottom line: - Ascendus is betting that small, coached credit can help more entrepreneurs build the history they need to grow, and MetLife Foundation is paying to scale that approach.