Frequently Asked Questions

We have compiled a listing of the questions we get asked the most along with our answers. In many cases we'll redirect you to other parts of the website for more information.

1.  What is PE’s Mission Statement?

Project Enterprise’s mission is to support and develop entrepreneurs and small businesses in under-resourced communities in New York City.  Project Enterprise provides access to business loans, business development services and networking opportunities, so that these entrepreneurs are able to increase their standard of living, create jobs for themselves and for their communities, and build financial assets.

2.  How long has PE been in business/how did PE get started?

Founded in 1996 by Nick & Debra Schatzki, PE disbursed its first loan of $515 in July 1997. Lending reached the $1 million mark in December 2006. Since 1998 PE has been a certified Community Development Financial Institution (CDFI), which is a special designation by the US Treasury that identifies organizations that are effective at linking under-resourced communities with sources of capital.  Learn more about PE's history.

3.  What is PE’s Strategic Plan?

Through Project Enterprise’s funding from Robin Hood Foundation a staff and board team worked with McKinsey and Company to develop a five year plan for the organization. The result by year five of our plan we will loan one million dollars a year to New Yorkers, serve 1000 small business owners and give out 300 loans. Although this plan is agressive in the last four years we have increased our lending by 25% each year.  

4.  What does PE offer to its members?

• Capital between $750 and $12,000 to start or grow their business
• Ongoing business development services and training tailored to their needs
• Participation in a growing network of businesses in underserved neighborhoods
• Opportunities to market products & services through our Access to Markets Initiative

Find out more about the services PE offers and how to get started with our program.

5.  What is peer lending?

The Peer Lending Program is PE’s oldest and largest 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 are prerequisites for receiving further credit.

Find out about our different loan programs.

6.  What is PE’s relationship with Grameen Foundation and Grameen Bank?

Since 1997, PE has been a partner of Grameen Foundation, a global non-profit organization that combines micro finance, technology, and innovation to empower the world’s poor.  PE is modeled after the Nobel-Prize winning Grameen Bank.

7.  What do people do with a loan of $1500?

Loan recipients engage in a wide range of business-building activities including: purchasing inventory, acquiring accounting software, repaying debts, expanding marketing, and hiring employees. The list of uses for PE loans is expanding with each creative entrepreneur that takes advantage of our resources.

Find out what some of our entrepreneurs have done with their small loans.

8.  Who does PE serve – business type, location and demographics?

Project Enterprise serves the neighborhoods of Harlem, Central Brooklyn, East New York, Queens, and the Bronx.  According to the US Census Bureau, the median household income in these communities 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 African or African-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. Learn more.

9.  How many people has PE served?

In 2008, Project Enterprise provided business development services to 599 entrepreneurs and loan capital to 89 micro enterprises totaling $273,584.  In over ten years of operation, PE has disbursed more than 724 loans totaling more than $1.7 million dollars, and provided more than 3,600 micro entrepreneurs with business training.

10.  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 loan 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

Learn more about PE's impact.