Many successful and growing businesses line the streets of the greater Dayton area, but even for the city of innovation, getting a great idea up and running takes countless hours and a perpetual money flow. For startups just getting up on their feet, seeking a chance to expand or snag some new equipment, a new round of microloans are available to fund it all.
The Greater West Dayton Incubator is accepting applications for a new round of microloans supporting underrepresented, under-resourced and marginalized entrepreneurs.
The Cultural Capital microloans range from $500 to $15,000. Funding can be used to hire, buy equipment, open physical locations and cover operational costs. Applications are open through Oct. 1.
“The microloans create a more equitable entrepreneurial ecosystem for historically marginalized entrepreneurs who have faced barriers to traditional funding,” said Whitney Barkley, director of the Greater West Dayton Incubator. “We recognize entrepreneurs’ passion, persistence and the planning they have done to launch and sustain their ideas.”
To date, more than $70,000 has been distributed to local entrepreneurs in industries including education, janitorial services, retail, food and beauty.
Martina Scott, owner of gourmet potato and pizza startup Boss Potatoes, applied for a loan for upgraded equipment to meet customer demand.
“It has helped my business grow tremendously by allowing me to produce a higher quantity at a faster pace,” Scott said.
The microlending program also benefits University students who gain skills working alongside CityWide Development to administer the loan process through the student-run Flyer Consulting.
See more information about applying for a loan here.
The Greater West Dayton Incubator is an initiative created in partnership with Black community leaders in Greater West Dayton and the University of Dayton, with support from The Entrepreneurs Center. The incubator offers access to working space, consulting, training, capital and other resources, including the microloan program, with a focus on the Greater West Dayton area.
