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.
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.
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.
This project has provided additional documentation in a PDF file (projdoc.pdf).
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