a program of Southwest Solutions
The ProsperUS Detroit Lending Program provides access to capital for start-up and existing small businesses that otherwise might not have access with traditional sources. Graduates of ProsperUS Detroit’s entrepreneur training program, who intend to locate their business in one of our five target neighborhoods, are eligible to apply for small business loans. ProsperUS Detroit provides financing up to $15,000 for start-up businesses and up to $25,000 for existing businesses.
ProsperUS takes an individualized approach to lending, working closely with entrepreneurs to understand their business needs, their long-term plans to grow and improve their business, the risks associated with their request, and the strategies they have in place to lessen those risks. Each loan request is evaluated by an independent committee based upon the entrepreneur’s plan to develop their business and their demonstrated ability to lessen identified risks.
Start-up businesses must be graduates of the ProsperUS Entrepreneurship Training Program. Terms range from 1 to 5 years with 7% interest. Some loans may be structured as non-revolving lines of credit and/or with interest-only periods built in at the front end.
Since 2014, ProsperUS Detroit has made almost $500,000 in micro-loans to over 25 small businesses. ProsperUS-financed businesses are responsible for creating nearly 100 jobs.
DEMOGRAPHICS of BORROWERS:
Businesses must be in a ProsperUS Detroit target neighborhood or intend to establish in a ProsperUS Detroit neighborhood. Loan funds may be used for working capital, machinery, marketing, construction, furniture, fixtures, equipment and more. We will help potential borrowers determine their needs and accomplish the loan application process.
Para una descripción general de ProsperUS Detroit en español, visite la página.
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