Project Enterprise is a

microfinance Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings ...

nonprofit organization in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

providing entrepreneurs from underserved areas with loans, business training and networking opportunities. Operating on the

Grameen Bank Grameen Bank ( bn, গ্রামীণ ব্যাংক) is a microfinance organisation and community development bank founded in Bangladesh. It makes small loans (known as microcredit or "grameencredit") to the impoverished without requi ...

model of microlending, Project Enterprise (PE) has served more than 2,500 entrepreneurs in New York City, and provides microloans from $1,500 to $12,000.

History

Project Enterprise was started in 1997 as the only provider of business microloans in New York City that does not require prior business experience, credit history or collateral to provide market-rate financing for small businesses. PE has been a certified

Community development financial institution A community development financial institution (US) or community development finance institution (UK) - abbreviated in both cases to CDFI - is a financial institution that provides credit and financial services to underserved markets and populations, ...

since 1998. Founding Executive Director Vanessa Rudin was replaced by Arva Rice in November 2003. From 2004-2006 PE saw substantial growth with increasing numbers of loans and total amounts lent. After conducting focus groups new loan products, events and resources for entrepreneurs were developed. PE launched a networking event programme, Big Connections, and an Access to Markets program addressing bringing products and services to the marketplace. During the economic downturn, Project Enterprise saw an increase in demand and in 2008 had its best year since inception. Mel Washington became the Executive Director on 1 September 2009.

Awards

In 2006, PE won the Association of Enterprise Opportunity's Innovation in Program Design Award for the Access to Markets Initiative. In 2007, PE staff member Althea Burton was made the New York Small Business Administration Home-Based Business Champion of the Year.

References

* http://english.aljazeera.net/news/americas/2009/05/200953014457810800.html * http://www.nydailynews.com/archives/opinions/2006/10/20/2006-10-20_give_credit_where_it_s_due__.html{{dead link, date=April 2018 , bot=InternetArchiveBot , fix-attempted=yes * https://web.archive.org/web/20080416194812/http://www.canadianbusiness.com/managing/strategy/article.jsp?content=20071105_198711_198711 * http://www.nydailynews.com/ny_local/bronx/2008/08/09/2008-08-09_project_enterprise_brings_microfinances_.html * https://books.google.com/books?id=ovrsdJBMTTAC&q=%22Project+Enterprise%22 * http://www.crainsnewyork.com/article/20080713/SMALLBIZ/634073549 * http://www.crainsnewyork.com/article/20060519/FREE/605190705 Microfinance organizations Organizations established in 1997 Social enterprises