A major challenge many business owners face in getting their startup off the ground is securing the necessary capital to make it happen. Funding, sponsorships and loans are continuously in high demand in the market, but one regional incubator is working to bridge those gaps for minority business owners across the region.
The Greater West Dayton Incubator is accepting applications for the newest round of microloans to support black, women and other underrepresented and under-resourced business owners. Loans are also available for those serving the Greater West Dayton Community.
“We created this program for entrepreneurs who have historically been shut out from traditional lending from banks or other entities as a way to support their needs to hire, buy equipment, open physical locations and pay other costs of running a business,” said Whitney Barkley, director of the Greater West Dayton Incubator. “The microloans create more equitable economic opportunities by welcoming applicants based on the passion they have for their business, their persistence and the planning they have done to execute and sustain their idea.”
The Cultural Capital microloans, ranging from $500 to $15,000, can also be used toward operating expenses, marketing and other costs that come with running a business. Along with CityWide Development and the University of Dayton’s student-run Flyer Consulting, Cultural Capital also offers loan application assistance and other support services.
See also: Local challenge aims to jump start Black-owned Business Index during Black History Month
To date, more than $70,000 has been distributed to local entrepreneurs in industries including education, janitorial services, retail, food and beauty. Success stories include Precious Billingsley, co-owner of Tiny Scholars University Child Care Center, and Michel’le Curington, CEO and owner of Fail Me Not Tutoring. Curington was able to use her microloan to expand her business in a bigger suite and purchase equipment including tables, chairs, a computer and a high-functioning printer. For Billingsley, she was able to use her microloan to further her vision to expand to serve more children and purchase indoor play equipment, as well as meet other needs.
“We have had problems in the past when asking for funds to support what we are trying to build,” Billingsley said. “This loan was not only a help to us financially, but the entire idea behind the Cultural Capital program is amazing. It gives us hope. It helps provide us ‘small businesses’ with the resources to eventually become ‘large businesses’ or corporations.”
Applicant business owners must meet certain eligibility requirements, such as being in operation for at least one year and being an incorporated enterprise. The full list of requirements can be found on the official GWDI website, as well as the application. Applications must be submitted by the Feb. 25 deadline to qualify for funding.
The Greater West Dayton Incubator was developed in partnership by community leaders of Greater West Dayton and the University of Dayton to help create a more inclusive economy, which can drive positive change in the community. It offers access to working space, consulting, training, capital and other resources.
