JPMorgan Chase & Co. awarded $500,000 to a ProsperUS Detroit program that provides loans to minority and neighborhood-based small businesses which often find it difficult…
ProsperUS Detroit is an entrepreneurial training and small business lending program for Detroit residents, particularly those who are African-American, Arab-American or Latino. By helping emerging entrepreneurs develop successful businesses, ProsperUS will help strengthen neighborhood economies, create jobs, serve residents with new goods and services, and cultivate community-based leadership.
ProsperUS Detroit is a collaboration between strong community-based organizations. We have joined forces to provide training and resources to aspiring entrepreneurs who want to base their small business in particular Detroit neighborhoods.
ProsperUS serves five neighborhoods:
In each neighborhood, trusted and experienced community partners help program participants develop skills they need to start and sustain their businesses. ProsperUS offers ongoing support and the opportunity for small business loans and technical assistance.
Entrepreneur training
The Entreprenuer Training Program guides entreprenuers through the business planning process step-by-step. The program also provides entrepreneurs the opportunity to build a support system and apply for entrepreneurial supports. Training is offered by community partners in the five target neighborhoods. The training consists of:
Small business lending
Graduates of our entrepreneur training program, who intend to locate their business in one of our five target neighborhoods, are eligible to apply for small business loans. The ProsperUS Detroit Lending Program provides access to capital for start-up and existing small businesses that otherwise might not have access through traditional sources. ProsperUS Detroit provides financing upto $15,000 for start up businesses and up to $25,000 for existing businesses.
Technical assistance
Graduates of the Entreprneur Training Program, who plan to open or expand their business in one of the five ProsperUS Detroit neighborhoods, are eligible to apply for technical assistance, offered in these categories: legal, marketing, accounting, HR and Personel, Design and IT.
ProsperUS began in 2012. It is a collaboration between Global Detroit, Southwest Solutions and numerous community partners. The program is a place-based economic development strategy designed to empower ethnic and minority individuals and families. It is modeled after Neighborhood Development Center (NDC), a proven and highly successful initiative in Minneapolis/St. Paul.
The model features six principles that work together to cultivate homegrown businesses and revitalize inner-city neighborhoods:
NDC staff will consult on the ProsperUS project to review, evaluate and refine its effectiveness.
And ProsperUS is on pace to train some 200 additional residents per year
JPMorgan Chase & Co. awarded $500,000 to a ProsperUS Detroit program that provides loans to minority and neighborhood-based small businesses which often find it difficult…
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