Project Enterprise

Project Enterprise was an American nonprofit organization focused on microfinance and entrepreneurial support in New York City. Established in 1997, it was created to serve entrepreneurs in underserved communities who could face difficulty obtaining conventional small-business finance. Its lending model was influenced by the Grameen Bank approach and was notable for offering market-rate business loans without requiring prior business experience, an established credit history, or collateral. The organization combined financing with nonfinancial assistance. Its activities included business training, networking opportunities, and programs intended to help entrepreneurs bring products and services to market. Project Enterprise developed new loan products and entrepreneur resources after conducting focus groups, and it launched Big Connections, a networking-event program, as well as Access to Markets, an initiative aimed at improving entrepreneurs’ access to customers and commercial opportunities. Project Enterprise became a certified Community Development Financial Institution in 1998. From 2004 through 2006, it experienced substantial growth in both the number of loans issued and the total amount lent. Demand increased during the economic downturn, and 2008 was described as its strongest year since inception. By that year, the organization had served more than 2,500 entrepreneurs in New York City and offered microloans ranging from $1,500 to $12,000. Leadership changed several times during its operating period. Founding executive director Vanessa Rudin was succeeded by Arva Rice in November 2003. Mel Washington became executive director on September 1, 2009. Project Enterprise also received recognition for its program work: in 2006, it won the Association for Enterprise Opportunity’s Innovation in Program Design Award for the Access to Markets Initiative, and in 2007 staff member Althea Burton was named the New York Small Business Administration Home-Based Business Champion of the Year. The organization’s website was closed in 2017, and available reference material indicates that Project Enterprise then appeared to have ceased operations. No current successor organization, parent company, or active corporate website is identified in the supplied sources.

Project Enterprise began in New York City in 1997 as a nonprofit provider of business microloans for entrepreneurs in underserved areas. Its lending model drew on the principles associated with Grameen Bank microlending, adapting them to small-business finance in an urban American setting. The organization distinguished itself by making loans available without requiring applicants to demonstrate prior business experience, a conventional credit history, or collateral. The loans were offered at market rates and were intended to help small businesses obtain capital that might otherwise be unavailable through mainstream financial institutions. In 1998, Project Enterprise became a certified Community Development Financial Institution, reinforcing its role as a mission-oriented lender serving communities and entrepreneurs underserved by traditional finance. Its work was not limited to lending. The organization provided business training, networking opportunities, and practical assistance designed to improve borrowers’ ability to operate and grow their enterprises. Leadership changed in November 2003, when founding executive director Vanessa Rudin was replaced by Arva Rice. Between 2004 and 2006, Project Enterprise expanded considerably, recording growth in both loan volume and the aggregate value of its lending. During this period, the organization used focus groups to identify additional needs among entrepreneurs. The resulting program development included new loan products, events, and resources. Two initiatives became prominent parts of this expanded support model. Big Connections was established as a networking-event program, giving entrepreneurs opportunities to build relationships and potentially develop business connections. The Access to Markets program addressed the challenge of helping entrepreneurs bring their products and services to market. The latter initiative received the Association for Enterprise Opportunity’s Innovation in Program Design Award in 2006, providing external recognition of Project Enterprise’s program innovation. Project Enterprise’s importance increased during the economic downturn, when demand for small-business financing and support rose. The organization reported 2008 as its best year since inception. By that point, it had served more than 2,500 entrepreneurs in New York City and provided microloans between $1,500 and $12,000. Its model paired relatively small-scale financing with training and relationship-building rather than treating credit as a standalone service. The organization also received recognition at the staff level. In 2007, Althea Burton was named the New York Small Business Administration Home-Based Business Champion of the Year. On September 1, 2009, Mel Washington became executive director, succeeding Arva Rice. The available reference record does not provide a complete account of Project Enterprise’s later years, dissolution, assets, or any successor entity. Its website was closed in 2017, and the organization appeared to stop operating at approximately that time. Accordingly, Project Enterprise is best described as a defunct New York City nonprofit microfinance organization rather than an active financial-services brand.

• 2017

  Website closes and operations appear to end

  [1]Project Enterpriseen.wikipedia.org

  The organization’s website is closed, with available references indicating that Project Enterprise appeared to stop operating.

• 2009

  Mel Washington becomes executive director

  [1]Project Enterpriseen.wikipedia.org

  Mel Washington assumes the executive director role on September 1.

• 2008

  Best operating year since inception

  [1]Project Enterpriseen.wikipedia.org

  During the economic downturn, increased demand helps make 2008 Project Enterprise’s strongest year since it was founded; the organization had served more than 2,500 entrepreneurs by this point.

• 2006

  Access to Markets wins program-design award

  [1]Project Enterpriseen.wikipedia.org

  The Association for Enterprise Opportunity recognizes the Access to Markets Initiative with its Innovation in Program Design Award.

• 2004

  Period of substantial growth begins

  [1]Project Enterpriseen.wikipedia.org

  Project Enterprise enters a period of significant growth in the number and total value of loans issued.

• 2003

  Arva Rice becomes executive director

  [1]Project Enterpriseen.wikipedia.org

  Arva Rice replaces founding executive director Vanessa Rudin in November.

• 1998

  Certified as a Community Development Financial Institution

  [1]Project Enterpriseen.wikipedia.org

  Project Enterprise receives Community Development Financial Institution certification, formalizing its position as a mission-oriented lender.

• 1997

  Project Enterprise is established

  [1]Project Enterpriseen.wikipedia.org

  The nonprofit begins providing business microloans and related support to underserved entrepreneurs in New York City.

Community-oriented nonprofit finance and business support for underserved New York City entrepreneurs who lacked conventional collateral, credit history, or prior business experience.

• Microfinance · 1997

  Project Enterprise Microloans

  Small-business loans designed for entrepreneurs in underserved New York City communities. Project Enterprise’s lending model did not require prior business experience, a credit history, or collateral, and loan amounts were reported to range from $1,500 to $12,000.

• Entrepreneur networking

  Big Connections

  A networking-event program created to help entrepreneurs build relationships and access business connections alongside Project Enterprise’s lending and training services.

• Market-access support

  Access to Markets

  An initiative focused on helping entrepreneurs bring their products and services to market. The program was developed as part of Project Enterprise’s broader expansion of resources and received an innovation award in 2006.

• 2004

  Expansion of entrepreneur-support servicesStrategy

  Background

  Focus groups identified needs beyond basic lending during a period of organizational growth.

  Action taken

  Project Enterprise developed new loan products, events, and entrepreneur resources, including Big Connections and Access to Markets.

  Aftermath

  The expanded model combined financing with networking and market-access support; Access to Markets later received an innovation award.

  Source

• 1998

  Pursuit of Community Development Financial Institution certificationStrategy

  Background

  Project Enterprise operated as a mission-oriented lender for entrepreneurs underserved by conventional finance.

  Action taken

  The organization became a certified Community Development Financial Institution.

  Aftermath

  The certification supported its identity as a community-focused provider of small-business finance.

  Source

1. 1Project Enterpriseen.wikipedia.org