How does PE measure success?
Project Enterprise evaluates the impact of its program by using surveys, questionnaires, and focus groups to evaluate four key areas:
Business Development – growth, longevity and formalization of businesses established
Asset Development – increases in business and personal assets from business success
Organizational Performance – growth and health of PE’s loans portfolio outstanding
Increased Business Knowledge and Connections – skills and networks that entrepreneurs gain through the program
42% average increase in monthly profit after receiving loan from PE
Loan portfolio has generated more than $1.56 million in local wages annually
How many people has PE served?
In over fifteen years of operation, Project Enterprise has disbursed more than 860 loans totaling more than $2 million dollars, and provided more than 4,293 micro entrepreneurs with business training.
What does PE serve – business type , location, and demographics?
Project Enterprise serves entrepreneurs from the five boroughs of New York City. According to the US Census Bureau, the median household income in PE’s target neighborhoods ranges from only $19,389 to $25,846 compared to the citywide median of $38,293 (in 2000). 99% of the businesses PE serves are minority-owned, 83% are Africa-American owned, and 56% of the businesses are owned by women. The average age of participants is 41 years old, and 43% of members have an average of two children living with them. Only 23% of PE entrepreneurs have participated in any other business training program.
What options do PE members have for larger loans?
Project Enterprise has a network of larger microlenders and community development credit unions to refer entrepreneurs with larger capital needs.
What do people do with a PE microloan?
Loan recipients engage in a wide rage of business-building activities including: purchasing inventory, acquiring accounting software, expanding marketing, and hiring employees. The list of uses for PE loans is expanding with each creative entrepreneur that takes advantage of our resources.
What is PE’s average loan size?
Project Enterprise’s average loan size is $2518.
What is peer lending?
The Peer Lending Program enables entrepreneurs of all levels to access financing and support to build their businesses. Prior to becoming eligible for loans, entrepreneurs organize into peer groups to participate in business training on bookkeeping, cash flow, product pricing, and loan preparation. The peer Group and Center must review and approve all loans extended to their members. Continued regular participation in the peer Group and prompt repayments and prerequisites for receiving further credit.
What is PE’s Mission?
The mission of Project Enterprise is to support and develop entrepreneurs and small businesses in under-resourced communities in New York City. By providing micro-loans, business development services and networking opportunities, Project Enterprise helps entrepreneurs increase their standard of living, create jobs for their communities, and build financial assets.
How did PE get Started?
The brainchild of Nicholas and Debra Schatzki, Project Enterprise (PE) started in 1996 modeled on the Grameen Bank, founded by Nobel Prize winner Muhammad Yunus. At inception, Project Enterprise was the only provider of micro business loans in New York City that did not require prior business experience, credit history or collateral to provide market-rate financing for small businesses. Project Enterprise supports and develops entrepreneurs in under-resourced neighborhoods across New York City. (PE) provides individuals with loans, training and access to business networks.
What does PE offer to its members?
Capital between $750 and $12,000 to start or grow their business
Ongoing business development services and trainings
Participation in a growing network of businesses
Opportunities to market products and services through our Access to Markets Initiative