Many startups miss the mark on securing the necessary funding to take an entrepreneurial idea from dream to profit. However, a prominent local startup incubator in Dayton seeks to close the gap and boost small businesses through the continuation of a microlending program.
The Greater West Dayton Incubator (GWDI) recently opened applications for its Cultural Capital Microlending Program. Applications close on March 1.
Through Flyer Consulting, a student-ran organization, the micro-lending program provides capital development, loan application assistance and support services through Flyer Consulting’s organizational verticals for development and business consulting. The program utilizes additional services and considerations for low-income residents, main street and lifestyle businesses, and social ventures that advance the common good by operating in geographical disinvested areas in Greater West Dayton.
Microloans can be used for operating costs, working capital, new equipment at $5,000 or below, website or app development, technology integration, marketing campaigns and more. Lenders are looking for business owners who have already generated traction in their business with six months or more of consistent sales, and who show passion, planning and persistence for their business.
GWDI is industry agnostic, supporting entrepreneurs of all industry types and sectors, however microloans priority will be given to:
- Entrepreneurs that are GWDI members or who participated in other GWDI programs
- Entrepreneurs from historically underrepresented, under resources and marginalize backgrounds
- Businesses and ventures that operate within or benefit Greater West Dayton neighborhoods and/or are founded by entrepreneurs from Greater West Dayton
CityWide Development will disperse the microloans to approved borrowers ranging between $5,000 and $15,000 but also as small as $500. Duration of the loans are individualized but typically range from 12-48 months.
Applications, found on the GWDI website, should be sent to servicing partner at CityWide Development, Janet White, at jwhite@citywidedev.com with the subject line “Cultural Capital Microlending Program – (business name).”
