Where We Work

Project Enterprise serves neighborhoods in Upper Manhattan, Brooklyn, Queens and the Bronx.  According to the US Census Bureau, the median household income in these communities averages just $28,874 to the citywide median of $38,293 (in 2000).  More than 30% of individuals in these communities live in poverty compared with 21% citywide.  Many individuals in these communities develop and manage microbusinesses as a means of employment and self-sufficiency. 

 Demographically speaking, 99% of the businesses PE serves are minority-owned, 88% are African or Caribbean-American owned, 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 participants had previously attended any other business training program.

 PE works with minority and women entrepreneurs whose lack of assets and formal records makes them ineligible for traditional forms of business financing.  Many of these entrepreneurs lack start-up capital and cannot save money fast enough to acquire the amount needed to finance a small business.  They do not qualify for loans from banks because they lack assets to offer as collateral and may have bad credit histories, or, more likely no credit history, having never had a bank account.  Prior to coming to Project Enterprise, only 9% of entrepreneurs had received a loan from a bank.

Project Enterprise works with entrepreneurs regardless of their prior business experience or current business status and is the only lender in New York City that does not require credit history, guarantors or collateral to provide financing.  Upon intake, 55% of entrepreneurs who join PE are just starting their businesses and have had no sales yet. Another 12% of entrepreneurs have been operating their business for less than 6 months and 33% have been in business for more than 6 months.