DETROIT (WWJ) – Some small business owners in Detroit are getting a financial boost from a local civic organization.
While the loans may seem relatively modest, somewhere between $1,000 and $2,500, given out by Rotary District 6400, they go a long way toward the goals of small business owners.
So far 13 loans have been made, reports WWJ’s Marie Osborne, one of those receiving a loan is Brianna Williams owner of DCreated on Livernois.
Williams said the small loan she received was utilized to the fullest.
“… a lot of people would say, ‘that’s not a lot, you can’t do that,’ I got brand new hardwood flooring, all of the fixtures, lighting … everything,” she said.
Loan recipients receive business, mentoring and networking opportunities.
“By the way, that’s important to know – it’s a loan, not a grant of twenty-five hundred dollars. They have one year to pay it off, they make weekly payments and it’s five percent interest,” said Rotarian Larry Wright.
He says most entrepreneurs say that while the money is important, equally if not more is the business classes, networking and mentoring that is part program.
Latrisha White of Olive Seed, used her loan to buy inventory for her health and wellness practice. She says she’s most grateful for the mentor that comes with the loan.
“My mentor is amazing actually because it’s not just , with Rotary, you’re not just connected with one person. They have a resource of knowledge and people, so with my mentor, I have her, but I also have her network as well,” said White.
A new set of loans will be offered this summer.
One of the goals of the program is to help entrepreneurs increase their standard of living, create jobs in their communities, and build financial assets.
Find more information about LaunchDETROIT [HERE].