LEND provides microloans and business training to credit-constrained entrepreneurs in Evanston/Chicago, IL, who want to start a business but lack the background or access to resources to do so. Run by undergraduates at Northwestern University, LEND seeks to help these individuals reach financial self-sufficiency. Our work has visibly strengthened both the local community and economy, and we seek to serve more clients. Your support will help us continue to empower these aspiring entrepreneurs.
What is the issue, problem, or challenge?
Due to the recession, small businesses are now, more than ever, in need of support. Many aspiring entrepreneurs are trying to start businesses and reach financial self-sufficiency. However, due to credit problems or other circumstances, they cannot qualify for traditional loans. These low income entrepreneurs are often relegated to loan shops, where they can be charged high interest rates that often lead to the collapse of their businesses.
How will this project solve this problem?
By providing them with business training and small loans, local entrepreneurs will be able to expand their businesses, create jobs and bring wealth to the communities they reside in. LEND leverages resources in the community to empower these entrepreneurs. Our first client was Bridgette Giles, the owner of a historic local barbershop who received our business training and a loan to renovate her shop. The support LEND provided has now transformed the business and improved the nearby community.
Potential Long Term Impact
The strongest aspect of our project is its sustainability. Due to the strong relationships we build with our clients, we have experienced a 100% repayment rate of loans thus far and look to continue this rate. The impact of your donation will not end today. Rather, it will be felt in the community, as loans are repaid by one entrepreneur and given out to another.
Total Funding Received to Date: $14,951
Remaining Goal to be Funded: $5,049
Total Funding Goal: $20,000