Project enterprise

Project Enterprise is a microfinance nonprofit organization in New York City providing entrepreneurs from underserved areas with loans, business training and networking opportunities. Operating on the Grameen Bank model of microlending, Project Enterprise (PE)has served more than 2,500 entrepreneurs in New York City. The organization's Executive Director is Mel Washington.
History
Project Enterprise (PE) was started in 1997 as the only provider of micro business loans in New York City that does not require prior business experience, credit history or collateral to provide market-rate financing for small businesses. PE has been a certified Community Development Financial Institution (CDFI) since 1998 which is a special designation by the US Treasury that identifies organizations that are effective at linking under-resourced communities with sources of capital.
Over the next few years, PE grew substantially both in scope and in its internal capacity. 2003 saw the departure of founding Executive Director, Vanessa Rudin and the arrival of a new Executive Director, Arva Rice. Arva began her work at Project Enterprise in November 2003 and her broad range of experiences helped grow the organization including the completion of the organization's first strategic plan, growth in the number and size of loans dispersed, and increase in the staffing capacity.
From 2004-2006, PE experienced record growth, each year exceeding previous disbursements by both the number and amount of loans disbursed. PE also undertook a series of focus groups conducted by an outside consultant to evaluate PE’s program and identify areas for strengthening and as a result developed new loan products, events and resources for our entrepreneurs. PE launched its Big Connections offered to entrepreneurs by hosting its first series of networking events, expanding its business training and launching our Access to Markets program to provide new opportunities for our members to bring their products and services to the marketplace.
In 2006, PE was also recognized for its work with entrepreneurs by The Association of Enterprise Opportunity (a consortium of organizations that provide loans and or business training to microentrepreneurs in the United States), which recognized Project Enterprise’s Access to Markets Initiative with the 2006 Innovation in Program Design Award for its excellence. In 2007, PE was further recognized when one of its staff members, Althea Burton was made the 2007 New York Small Business Administration Home-Based Business Champion of the Year. PE also participated in a strategic planning process in partnership with the Robin Hood Foundation and McKinsey & Co. to develop our plans for growth.
During the economic downturn, Project Enterprise saw an increase in demand and in 2008 had it's best year since inception. In 2009, Arva Rice departed Project Enterprise and Mel Washington became the new Executive Director on September 1, 2009.
Impact
The PE loan portfolio has generated more than $5 million in local wages annually. PE members see an average increase in monthly profit of 42% after receiving a loan. The average time that a member has been with PE is 3.9 years. Since starting, PE has loaned over $1.3 million and has served over 2,500 entrepreneurs.
Tag Line
The organization's tag line is "Small Loans. BIG CONNECTIONS."
The organization provides microloans from $1,500 to $12,00. They also have an annual

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