Elaine Edgcomb, director of the Aspen Institute Microenterprise Fund for Innovation, Effectiveness, Learning and Dissemination (FIELD), writing in Huffington Post reveals that a good credit score opens doors in the world of businesses. People with a weak credit rating will pay approximately US $250,000 more in interest throughout their working lives than those with better scores. That’s a quarter of million that entrepreneurs could use for building their businesses. Nevertheless, in recession times —Edgcomb explains— potential borrowers have complicated financial pictures and bad credit scores due to financial crisis. FIELD and Citi Foundation have launched a pilot program targeted to help these customers: “Asset Building Through Credit”. Working with five microenterprise organizations, the program provide financial education and credit coaching to borrowers in combination with a secured credit card to boost their scores and help them to grow their businesses. Pairing financial education with the responsible use of a credit product, results in longer lasting behavior change and financial capability.

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