DAYTON — A local organization announced on Thursday that it will begin accepting applications for a new microloan program.
Greater West Dayton Incubator said the Cultural Capital microloans will help support black-owned, women-owned, and other underrepresented businesses serving the greater west Dayton community.
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“Microloans are important to help grow small businesses, especially for historically marginalized entrepreneurs who have faced barriers to traditional funding,” said Vince Lewis, director of UD’s Crotty Center for Entrepreneurial Leadership, which oversees the program. “Our goal in offering these loans, along with other support services, is to champion equitable opportunities, and by doing so, create jobs and economic value that help shape a brighter future for our community.”
The microloans are expected to range from $500 to $20,000. The money can be used for operating expenses, equipment, development of websites, marketing, staff hiring and other costs of running a business. According to a press release, applications will be evaluated for criteria that emphasizes passion, persistence, and planning.
UD’s student-run Flyer Consulting and CityWide will be distributing the microloans and will support entrepreneurs with processing the loans, financial education, and other services.
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