Project Enterprise is a microfinance

Microfinance

Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers and the self-employed, who traditionally lack access to banking and related services....

 nonprofit organization in New York City

New York City

New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

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

Grameen Bank

The Grameen Bank is a microfinance organization and community development bank started in Bangladesh that makes small loans to the impoverished without requiring collateral...

 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

Community development financial institution

Community development financial institutions are financial institutions which provide credit and financial services to underserved markets and populations, primarily in the USA but also in the UK...

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.

Impact

The PE loan portfolio has generated more than $1.5 million in local wages annually. PE members see an average increase in monthly profit of 42% after receiving a loan. The average time that a member has been with PE is 3.9 years. Since starting, PE has loaned over $1.3 million and has served over 2,500 entrepreneurs.