Where we work

South Asia

East and Southeast Asia

Latin America / Caribbean

Middle East / North Africa

Sub-Saharan Africa

United States
• The PLAN Fund
• Project Enterprise
• Kevin's story

Grameen Foundation : Where we work : United States : Project Enterprise

Project Enterprise

Status snapshot as of March 2008
Active clients	395
Loan portfolio (USD)	$316,405
Portfolio At Risk >30 days*	42%
* Value of all loans outstanding that have one or more installments past due more than 30 days

Project Enterprise (PE) was started in 1996 by Nick Schatzki and Debra Franklin as the only Grameen-style provider of micro-business loans in New York City. It does not require prior business experience, credit history or collateral to provide market-rate financing for small businesses. Inspired by the success of Grameen Bank, PE’s mission is to support and develop entrepreneurs and small businesses in under-resourced communities around New York City by providing access to business loans, business development services and networking opportunities. Since disbursing its first loan in 1997, PE has made more than 400 loans totaling more than $800,000 and provided more than 1,400 low-income and minority entrepreneurs with business training.

As PE’s tagline notes they offer “Small Loans, Big Connections” to their members proving that low-income and minority entrepreneurs can have access to the same resources, contacts and associations that more affluent entrepreneurs do.

Outreach:

Loan Programs

Through its three loan programs, PE is able to provide vital capital to entrepreneurs without requiring collateral or credit history:

• The Peer Lending Program provides basic business training coupled with a support system of entrepreneurs to help newer entrepreneurs succeed
• The Fast Track Program, designed for entrepreneurs who have already had some experience in their business, is an accelerated version of the Peer Lending Program
• The Direct Loan Program provides larger amounts of capital for well-established businesses that still don’t have the extensive experience or credit history required by other financial institutions.

Business Training

Entrepreneurs at PE participate in business training activities such as basic bookkeeping, tax issues and marketing strategies at biweekly member meetings, quarterly networking events and workshops. Entrepreneurs are provided unique opportunities to develop important business networks at regular borrower meetings, networking events and workshops. Group discount opportunities and internships at retail locations are other benefits provided to members. Participation in these activities helps develop leadership skills among its entrepreneurs.

Outreach

Project Enterprise, a Community Development Financial Institution recognized by the U.S. Department of Treasury, has steadily grown since 1997 when it loaned just $3,090; in 2005, PE loaned $177,520. Today, PE operates across four boroughs of New York City in the Bronx, Brooklyn, Upper Manhattan (Harlem) and Queens. It provides services in both English and Spanish. Moreover, under the strong leadership of its executive director Arva Rice, PE’s breadth of services has expanded greatly over the past three years, offering more in-depth workshops, access to new marketplaces and networking opportunities. In 2006, PE plans to lend $200,000 and by 2008 expects its portfolio to grow to more than $300,000 and to work with 600 entrepreneurs annually.

Grameen Foundation support:

Since 1999, Grameen Foundation has provided Project Enterprise with $234,100 in grants and loans to support its expansion and to provide lending capital. In addition, we have provided evaluations and technical assistance and training for PE staff and have assisted in efforts to strengthen its board of directors.

Visit the Project Enterprise Business Directory for opportunities to support entrepreneurs in New York's low-income communities.

Learn more at: www.projectenterprise.org

Grameen Foundation : Where we work : United States : Project Enterprise