It’s microloan season and local startups are awaiting the financial assistance they need to grow.
The Greater West Dayton Incubator recently awarded its first set of microloans to three local companies for equipment and marketing use.
“These businesses are well established in the community, and they have clear plans to expand with this funding,” said Whitney Barkley, director of the Greater West Dayton Incubator. “We are excited to award these first microloans and begin fulfilling the program’s mission to create more equitable economic opportunities for business owners who have been historically marginalized.”
Here are the Black and woman-owned businesses that received loans:
- TheZe DealZ, a thrift store boutique
- Drakes and Associates, a janitorial and maintenance company
- Tosha’s Cleaning Service, a commercial cleaning company
It was not disclosed the exact amount that each company received, but Cultural Capital microloans range from $500 to $15,000.
Money from the loan can be used toward operating expenses, new equipment, website development, marketing, hiring staff and any other costs associated with running the business. A release from the Greater West Dayton Incubator said applications are evaluated based on more flexible criteria emphasizing passion, persistence and planning.
Twanna Drakes, owner of Drakes and Associates, said the microloan has been a “lifeline.”
“The Greater West Dayton Incubator is a long overdue resource for small business owners like myself to not just exist, but become impactful in our communities and allows us to compete with larger businesses,” she said. “I’m looking forward to using all the resources from the incubator.”
The microloan program, created by the Greater West Dayton Incubator, is a partnership between community and university leaders with support from the Entrepreneurs’ Center to support underrepresented businesses as they launch and grow. The program also provides access to co-working spaces, consulting, training, capital and other resources, the release said.
Applications for additional microloans close March 7. More information is available on the Greater West Dayton Incubator website.
CityWide and the University of Dayton’s student-run Flyer Consulting organization partnered to distribute microloans and support local entrepreneurs with the loan process, financial wellness education and more.
For startups interested in the microloan application process, an in-person application workshop will be held on Feb. 25 from 3 to 5 p.m. at 1105 W. Third St. Registration information can be found on the official Flyer Consulting website.
