 |
||||
    
|
Newsroom October's Charity on the Month: Project Enterprise
Project Enterprise (PE) is a nonprofit organization that has been building vital business networks since 1997 to promote economic development in disadvantaged neighborhoods in New York City.
PE provides low-income and minority small-business entrepreneurs with access to micro-loans, business and professional development services and peer networking opportunities. The people served by PE’s programs often do not qualify, or have access to, traditional financing due to a lack of credit history and/or collateral.
Recently, the MDRT Foundation awarded a $5,000 grant to PE, which will be used to support PE’s networking events. This grant was sponsored by Debra L. Franklin-Schatzki, CLU, CFP, a 19-year MDRT member and Diamond Knight from New York City.
“PE operates very differently from traditional community development organizations, as it provides economic development from within the community,” explained Franklin-Schatzki. “PE utilizes the peer-lending model of the Grameen Bank to empower local entrepreneurs to work together to revitalize local communities.”
PE has three primary programs that focus on empowering aspiring and successful business owners: Peer Lending Program; Fast Track Program and Direct Loan Program. Prior to receiving a loan from PE participants must first complete the Peer Lending Program, where they are matched with five to six peers to complete business training on bookkeeping, cash flow, product pricing and loan preparation.
The Fast Track Program is tailored towards entrepreneurs who have at least one year of successful business ownership, and the Direct Loan Program is for established business owners who are still unable to received financing from traditional financing institutions. PE’s loans range from $1,500 to $12,000.
Last year alone, PE served more than 400 clients in underserved communities throughout Harlem, North Bronx, Brooklyn and Queens. In addition to securing financial loans for their business, PE clients receive ongoing technical assistance, peer networking opportunities and can gain leadership development experience. |
|||
|
|
|||
